Card opening conditions:

Most banks have no restrictions, and a few banks require you to be over 17 years old. If you are under age, a guardian's signature is required. However, for international students, the policy may be relaxed during application.

You need to bring the following materials when opening the card:

Passport;

U.S. F-1 student visa;

I-20 form;

Student ID card number;

School admission letter;

Address, phone number, school....;

SocialSecurity Number (For Credit Card application)

Not all banks require all the above materials, and most do not require admission letters and student IDs.

Common U.S. banks:

Card type introduction:

The most commonly used bank cards in the United States are divided into two types, debit card and credit card (creditcard);

Debit card:

It functions as a savings account. In the United States, almost every bank provides debit card applications. The applicant does not need to have a credit record and SSN number, nor does it need to refer to a series of conditions such as the applicant's job, salary, whether he holds a U.S. green card or a U.S. citizen, etc. So opening a card is almost risk-free. The condition for opening a card is that you provide a certain initial deposit. Moreover, debit cards from major banks such as Bank of America, Chase, TCF, etc. are free of annual fees, and there are no handling fees for withdrawing money from designated ATMs, which is very convenient. Remittances to and from the country are generally carried out through debit cards, because credit cards do not have the ability to save.

Checking account (checking account)

Its main function is consumption, so there is generally no interest. Users can use this account to pay tuition, phone bills, online shopping, write checks, etc. In the United States, online banking is very commonly used in daily life, such as online shopping, ordering food, takeout, and booking tickets. In the United States, bank cards generally come with online banking after opening, and there is no need to apply for or install any additional software. Many big banks will give away some check books when users open a new checking account. You may have fewer opportunities to use checks in China, but in the United States, checks are very convenient and relatively safe, because the checks will have Your name and information are printed on it, and many banks will also check the signature, so there are very few cases of counterfeit checks. And when you send the check to the other party, the payee's name will also be on the check, so there will be no possibility of fraudulent receipt. In the United States, checks can almost be used as cash. For example, you don’t need to carry a large amount of money with you when you go shopping, you only need to carry a check.

Savings account (saving account)

This is the main account for savings, because it has interest, but it is not commonly used in consumption, because most consumption is withdrawn from your checking account , if your checking account balance is insufficient and you have money in your savings account, it generally cannot be used. You must first log into each bank's online banking or mobile app and transfer the money from your savings account to your checking account before you can make a payment. You can choose which account to deposit to according to your own situation. If you don’t usually spend much, it is recommended that you put the extra money into a savings account.

Applying for a credit card

A credit card is more troublesome than a debit card from application to consumption to repayment, but the biggest advantage is that it can be advanced in advance. Credit card application is indeed troublesome, and the success rate is not high. It is only one of the methods of consumer payment. Most credit cards also require the payment of annual fees. Therefore, whether international students apply for a credit card can be decided according to their own needs. Students who stay for a short time do not need to apply for a credit card. For those who plan to stay abroad for more than 3 years or who plan to settle down, good bank card use is also a good future. Guarantee of life, because the convenience that credit cards bring to international students is not just "spending in advance". Especially for those who plan to stay in the United States or Canada for a long time, the credit record of the credit card is an important foundation for future life. Credit record has a very strict and complete recording system in the United States, and it is also one of the reflections of people's honesty and financial management ability.

If you plan to settle abroad, it will inevitably involve buying a car or a house. I believe that for most students, it is more realistic to buy a house or a car with a loan. Most domestic loans require assets as collateral, but for international students with almost no assets, an important reference indicator for loans is credit history. The accumulation of credit history takes a long time. Unlike bank points, it does not mean that if you suddenly spend tens of thousands of dollars today, your credit history will greatly increase. Therefore, it is recommended that students apply for a credit card early, so that in a few years your credit record may be enough to meet the loan requirements for buying a building.

Compared to debit cards, credit card applications have a much lower success rate for international students. Most credit card account openings require applicants to have a U.S. Social Security Number (SSN), a stable job, a letter of introduction, and a good credit record. But these conditions are difficult for international students to meet. In some cases, the policy for international students will be lenient. For details, please refer to the "Credit Card Guide".

How international students can apply for a credit card:

Apply for a Secured Credit Card:

The United States is currently in a financial crisis, and major banks have also reduced their credit cards accordingly in order to stimulate consumption. The threshold for credit card application has been raised. Some banks' credit card applications do not require a job or past credit history. They only require a deposit of about 500 US dollars to open an account. This 500 US dollars must not be used within six months. It will be automatically unfrozen after half a year, and your credit card will be corresponding accordingly. If you have an extra credit limit of 500, then 500 is your overdraft limit. Of course, this limit can be increased as your credit card record improves. The application success rate for this type of credit card is generally 100%.

A credit card based on a debit card;

Many banks have additional preferential policies for users of their debit cards, such as the threshold when applying for a credit card will be reduced. Especially in big cities with fierce competition and during the school year, banks will launch measures such as "opening a debit card with a credit card" in order to attract more deposits. However, there is no 100% guarantee that the application will be successful.

Apply for a student credit card:

This is a credit card issued by banks specifically for students, so it does not require income or past credit history. However, when applying for a student credit card, it is often You are required to show your student ID and other documents that can prove your identity. The application success rate for this type of credit card is very high, but the overdraft amount is relatively low and will not exceed US$1,000.

Apply for department store or other merchant credit cards:

For example, Macy's, the largest department store in the United States, encourages consumers to apply for Macy's credit cards in order to stimulate consumption. This card can only be used in shopping malls and you can enjoy Certain discounts are available. Its advantage, in addition to discounts, is that the credit record it establishes is universal, just like a formal credit card. The application threshold for such merchant credit cards is low, so students can try it. For example, major airlines also have similar credit cards, such as United Airlines. As soon as you apply for its credit card, you can get 30,000 points on your flight account. If you fly this airline frequently, you can reach a certain number of points. You can exchange for free air tickets to and from domestic or international routes in the United States.