A student credit card can make it easier and safer to make purchases while studying in another country. With the right credit card for students traveling abroad, you can lower your expenses with rewards, gain helpful travel perks, and access a line of credit for emergencies. Here are the best credit card picks for students studying abroad in August 2024:

Capital One SavorOne Student Cash Rewards Credit Card

Annual Fee: $0 Rewards Rate: 1% – 8% The Capital One SavorOne Student Cash Rewards Credit Card offers some of the best rewards found on a card without an annual fee. It’s entertainment-focused, appealing to many college students. You’ll earn rewards for dining, grocery stores, eligible entertainment purchases, and streaming services. Additionally, no Capital One cards charge foreign transaction fees, making it ideal for international use. It also includes travel accident insurance, a complimentary concierge service, and 24-hour emergency assistance.

Discover it® Student Cash Back

Annual Fee: $0 Rewards Rate: 1% – 5% The Discover it® Student Cash Back card is another great option for traveling abroad. It offers a strong rewards program, doubling the rewards you earn at the end of your first year. The reward categories change quarterly and must be manually activated. Discover cards don’t charge an annual fee but lack shopping or travel protections. However, it’s recommended for those with no credit history, making it easier to qualify for. Keep in mind that while Discover is accepted globally, it isn’t as widely accepted as Visa or Mastercard.

Capital One Quicksilver Student Cash Rewards Credit Card

Annual Fee: $0 Rewards Rate: 1.5% – 10% The Capital One Quicksilver Student Cash Rewards Credit Card earns a flat rate of 1.5% cash back on all purchases and offers a great welcome bonus. It’s simple to manage and rewarding, with extended warranty and travel accident insurance. Recommended for fair credit, you’d typically need a FICO score of at least 580.

Bank of America® Travel Rewards Credit Card for Students

Annual Fee: $0 Rewards Rate: 1.5x The Bank of America® Travel Rewards Credit Card for Students may suit those with higher expenses. It offers 25,000 online bonus points (after spending $1,000 in the first 90 days), redeemable for a $250 statement credit toward travel and dining. There are no foreign transaction fees, and it includes a 0% introductory purchase APR offer for the first 15 billing cycles.

Pros

• Lower travel expenses by earning rewards
• Access to emergency funds
• Additional card perks like travel insurance and help hotlines
• Improves your credit with on-time payments

Cons

• Could damage your credit with irresponsible use
• Interest charges can stack up if you carry a balance
• Credit cards require some work to get the most from them

Are credit cards widely accepted abroad?

Visa and Mastercard are accepted practically everywhere, while Discover has lower acceptance rates. According to Discover, its cards are accepted at over 60 million locations worldwide, but it’s wise to have a backup card just in case.

Tips for using a credit card abroad

Using a credit card abroad is similar to using one in the US, but you may be asked to select between dynamic or local currencies. Always choose the local currency to avoid hidden fees. Don’t overspend to reach a welcome bonus, and make sure to pay your balance in full to avoid interest charges. Redeem your rewards in the most lucrative way, typically as statement credits. Lastly, familiarize yourself with any additional perks your card offers, like purchase protection and rental car insurance.

How to use your student card to build credit

Building credit is easiest by paying your credit products on time and keeping your debt-to-credit ratio under 30%. The age of your credit accounts also contributes to your score, so choose a quality card you can keep for years. Consider becoming an authorized user on a responsible person’s account to benefit from their credit history.

The bottom line

A student credit card not only provides rewards and simplifies currency conversion when traveling internationally, but also offers access to an emergency credit line and increased security for your spending. Remember to pay your bill on time and in full to avoid interest charges and improve your credit score.

FAQs

What’s the best credit card for students studying abroad?

The best card depends on your spending habits and credit history. The Capital One SavorOne and Discover it® Student Cash Back cards are excellent options for their rewards and no foreign transaction fees.

What’s the difference between a credit card’s issuer and payment network?

The issuer is the bank or financial institution that provides the card, while the payment network (Visa, Mastercard, Discover) processes the transactions.

What are foreign transaction fees?

Foreign transaction fees are charges added to purchases made abroad, typically around 1-3% of the purchase amount. Many student credit cards, like the ones listed here, do not charge these fees.