Are you a US citizen or resident who’s planning to study abroad? Managing your finances while abroad can sometimes be tricky. One of the first things you should do is look for a credit card that can work overseas. Some credit cards charge high fees for transactions made overseas, and you’ll want to avoid them.
A good choice for international students is the Apple Card. Benefits of the Apple Card for international students include broad acceptance and no foreign transaction fees. Read on to learn more!
Overview of Apple Card Features
Apple Card features include the ability to pay anywhere where Apple Pay is accepted by just tapping your iPhone via the Apple Card’s integration with Apple’s digital wallet. If Apple Pay is not accepted, you can also use the physical card to pay. A lot of students who go abroad to study find that in other countries, Apple Pay isn’t always accepted as frequently as it is in the United States, but you can always pay with the physical card!
No International Transaction Fees
One of the best things about having the Apple Card if you study abroad is that it charges no international fees on transactions made in other countries. Apple does not charge fees for global purchases. Other credit cards may charge an extra fee of 1-5% for purchases you make abroad, which can add up quickly!
Extended Credit Limit
By applying for an Apple Card, you can enjoy an extended credit limit. That’s because the Apple Card is a credit card, not a debit card. The amount you are approved for will depend on your credit score and other factors, but it can extend your credit limit overall. Having a student credit card can help with better financial management. For example, you can pay your expenses, such as textbooks, with your credit card, even if you don’t have enough in the bank.
Of course, it’s important to use credit cards carefully. If you know you will get money to pay off your balance every month, go for it. Otherwise, don’t spend in excess of your financial capabilities – a credit card can be a financial trap too!
Rewards Program
As a student, you’re probably on a budget. That’s why having a credit card with a cash back program is so important. Even if it’s just 1-3%, it can help you save money and increase your student savings. The Apple Cards rewards program is perfect! Here is what it offers:
- 3% cash back on purchases of Apple products.
- 3% of cash back at select merchants when paying through Apple Pay (may not be available abroad).
- 2% cash back when using your Apple Card to pay with Apple Pay.
- 1% cash back on all other purchases.
You can automatically reinvest your rewards in a savings account to earn interest! It’s an easy way to build up some savings as a student.
Easy Budget Tracking
The Apple Card makes budget tracking a breeze. With spending analysis summaries in the form of beautiful graphs and charts, you can take your financial planning to the next level. You can see how much you’ve been spending over the week or month or even see a visual representation of where you’ve been spending on a map!
Advanced Security Features
The last thing you want is for your credit card details to get stolen when you’re abroad. Fortunately, the Apple Card has some of the best security features on the market. With fraud protection built in, the Apple Card will decline suspicious transactions until you confirm you were the one who made them. It also allows you to make secure transactions abroad and online due to its built-in security features.
It’s a good idea to call Goldman Sachs before you go abroad and tell them that you’re planning on studying abroad for a few months. That way, they won’t automatically flag your first transaction in a foreign country as suspicious.
Eligibility for International Students
Apple Card eligibility criteria include being a US citizen or a US resident with a permanent address in the United States. When we talk about international students in this article, we are referring to US students who are studying abroad. Other student requirements for this credit card include having a good credit score.
If you’re a student from another country (such as Germany) and studying in the United States on a student visa, you don’t meet the requirements for the application process. You need to be, at the very minimum, a US resident.
Comparison with Other Student Credit Cards
When making a student credit card comparison, I would say the Apple Card ranks somewhere in the middle. The 2% cash back with Apple Pay is decent, but other student credit cards also offer that. Besides, Apple Pay may not be available in the country you are going to (it’s only available in around 70 countries), which would make the actual cash back rewards to be just 1%.
I wouldn’t say it’s the best credit card for students – you might also want to look into Discover and Capital One student credit cards. Both of them offer good cash back rates and no foreign transaction fees.
However, one of the main reasons to get an Apple Card as a student is that it opens up financial options by allowing you to finance your Apple products. If you need a new MacBook for school, the Apple Card will allow you to pay for it monthly with no interest.
Conclusion
The benefits of the Apple Card include cash back on all purchases, interest-free payment plans on Apple products, and financial management for students. It also allows for secure spending abroad with no international fees, making it an excellent option for US students who plan on studying abroad!
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