Opening a credit card for visa holders: The Upwardli Guide
Opening a credit card for visa holders is important to build your financial future in the U.S. When you’re a visa holder, you can take actions to get credit. Even if you’re in the U.S. for only a few months, it’s important for you to establish good credit. You can apply for a credit card online and have these pieces of identification. This article will explain how you and maybe even your visa sponsor can help you build credit in the U.S.
What Do You Need for Opening a Credit Card for Visa Holders?
Here are some documents and other proof you’ll need before you can apply for a credit card.
Your visa card. Your U.S. visa card is one piece of identification that you need to apply for a credit card.
A U.S. address. You must also have a U.S. residential address.
A taxpayer ID number. If you don’t have a social security number, you can use your taxpayer identification number( TIN) to apply for a credit card. You can apply for a TIN when you file taxes.
Employment. When you’re figuring out how to get a U.S. credit card, you must have a steady job. Even if you only have a temporary job or you’re here on a student visa, showing you have a source of income can help you with opening a credit card for visa holders.
Bank account. Another proof of having good economic standing is having a bank account. If you have a current bank account, you can prove that you have the funds to pay for a credit card.
Does Your Type of Visa Determine What Kind of Credit Card You Can Get?
The type of credit card you can use may depend on what kind of visa you used to enter the U.S. If you’re in the U.S. on a student visa, you can apply for credit cards especially catered to students. You can apply for unsecured cards with high credit limits if you can afford to pay the balances. Try the Petal card if you’re looking for the best credit cards for H1B visa holders. If you want to start on a smaller scale to build credit, you can apply for a secured credit card.
Whether you’re in a high-income profession like IT on an H1B visa or in a lower-income profession, make sure you choose a credit card with low interest below 20%. You should also make sure that your card has low or no annual fees.
If you’re wondering how to get a U.S. credit card for non-residents, you can also apply for secured credit cards. Secure credit cards like Sable let you charge a set amount to your card. For example, if you put $400 in your account, you can only charge up to $400 on a secure card.
What is a Good Credit Card Score if You’re Opening a Credit Card for Visa Holders?
A good new U.S. resident credit score is in the range of 750 and up. If you have a credit score of 668 or lower, that’s considered a bad score. You can check your credit score online to see if it is going up or down.
Credit bureaus will monitor if you paid your bill every month in a timely manner. You can build your credit score if you pay your bills on time and pay off the minimum balance each month. You can also build your credit score with credit builder loans like SeedFi that help you establish credit and save money.
Can a Visa Sponsor Get You a Credit Card?
If you have a visa sponsor, there may be a way they can give you financial assistance. If you had a visa sponsor, the sponsor may be able to add you as an authorized user on their credit card. When you’re added as an authorized user you can make purchases on their card.
While you’re not fiscally responsible for the charges on the card, you can still build credit if you make payments on time. If the credit card issuer submits reports to credit bureaus, that can help you build your credit score.
Opening a credit card for visa holders is very important to build your financial future. If you need help navigating the U.S. credit card system as an immigrant, online services like Upwardli can help you build credit.
