Can International Students & Immigrant Workers Apply for a Credit Card - Kotak Bank
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25 APRIL, 2022

Credit cards help us to continue our daily lives without worrying about financing. Credit cards are helpful for anyone who is facing a financial crisis. Instead of taking a hefty loan, one can easily meet daily expenses via a credit card. Besides adults, many students apply for credit cards to meet daily expenses. For students in a foreign country, credit cards are a blessing. Also, if you are an immigrant worker, credit cards can help you meet daily expenses. Most immigrant workers and international students don’t know where to look to get a credit card. Read on to know more about credit cards for international students and immigrant workers.


Understanding the scenario of credit cards for international students


Students are less likely to have a prior credit history or report. Many international students would have never applied for a loan or credit card before. Since international students do not have a prior credit history, getting a credit card is challenging. Credit card issuers use the credit report to check the creditworthiness of the applicant. If there isn’t a prior credit history, issuers don’t have anything to check creditworthiness. However, this does not mean that international students cannot get credit cards.


Another factor that prevents international students from getting a credit card is age. Credit cards issuers usually do not offer facilities to anyone below 21 years of age. How do credit card issuers calculate the repayment capacity of international students without a prior credit report? Well, many banks offer credit cards to international students based on some requirements. How banks check the creditworthiness of students is as follows:


  • The credit card issuer will check your bank account statements. If you are an international student and regularly get funds in your bank account from your parents, you can apply for a credit card. It will help in a situation when the money arrives a little late from your parent’s side.


  • Many international students also do some part-time work during their studies. A part-time work offer guarantee to the credit card issuer about repayment. Also, not all banks offer credit cards to international students who do not work at the same time.


  • International students can get a credit card as a co-signer. You may share the credit card with someone with a good credit score and history. Many banks make it compulsory to have a co-signer for an international credit card.


Are there any credit card options/types for international students?


International students can get several types of credit cards depending on their needs. The credit card options for international students in 2022 are as follows:


  • A student credit is the best credit cardfor international students. Usually, there are no annual fees or other charges on student credit cards. It is specially made for international students applying for their first credit cards without any prior credit history. However, some banks strictly demand a co-signer before giving out student credit cards.


  • Many international students opt for secured credit cards. You don’t need any prior credit history to get a secured credit card. However, a secured credit card is a lot different from other credit cards for international students. You will have to make a deposit which becomes your credit limit for a secured credit card.


  • You can apply for a regular credit card if you are a working student. If you cannot get a credit card as an international student, become an authorized user. You can use your parent’s credit card by becoming an authorized user.


Understanding the scenario of credit cards for immigrant workers


Immigrant workers can easily get a credit card as they are earning a monthly salary. Even if you do project-based work as an immigrant, you are applicable for a credit card. However, credit history and credit score will be monitored by banks for offering credit cards to immigrant workers. Make sure you are a legal immigrant worker for getting a credit card. Illegal immigrant workers without proper documents may face challenges in getting a credit card. Immigrants can get the best credit card easily if they have a good credit score and the required documents. Immigrant workers can apply for a regular credit card, secured credit card, or any other credit card depending on their requirements.


How immigrant workers can get a credit card easily in 2022?


As discussed above, immigrant workers can get credit cards more easily than international students. You need to have a stable job and legal immigration documents for getting a credit card easily. Immigrant workers can increase their chances of getting a credit card in the following ways:


  • Sometimes, credit card applications of immigrant workers are rejected due to a lack of sufficient documents. Opening a bank account in the working country will give immigrant workers an edge. Make sure you open a bank account in the working country as soon you reach there. The credit issuer will come to know that you have monetary assets in their country as an immigrant worker. It will boost the creditworthiness of immigrant workers.


  • Many immigrant workers with bad credit scores rely on credit builder loans. You can also take a loan to clear all your outstanding dues before applying for a credit card. Also, you need to maintain stable employment to acquire a credit card easily as an immigrant worker.


Where to look for a credit card in 2022?


Many banks provide credit cards to immigrants and international students. You can ask your employer or educational institute for some ideas. You don’t have to stand in queues for getting a credit card as an international student or immigrant worker. In 2022, banks allow customers to apply for credit cards online. You can submit the required documents and get your credit application approved online. Make sure you choose a reliable bank for getting a credit card as an international student or immigrant.


One should also compare the interest rates, processing fee, and repayment structure before choosing a credit card issuer. Apply for credit card as an international student now!


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