Are you an international student planning to attend school in the US on an F-1, J-1, or OPT visa? Congratulations for making it this far! But don’t forget to plan for life in the US, too. One of the hard facts many international students face is a lack of a US credit history, an essential requirement for many credit cards. That’s where the Deserve EDU Mastercard can bridge the gap for you and help you start building your financial future in the United States. We’ve put together this review to help you decide if the Deserve EDU Mastercard is right for you.
Why International Students Need Credit Washers Like the Deserve EDU Mastercard
New to the United States with no credit history or a Social Security Number (SSN), it’s difficult (borderline impossible) for most international students to qualify for a traditional credit card. Financial institutions may be hesitant to extend credit to individuals with no track record, in addition to the hurdles of not having secured employment or being unable to prove an income. So just one large credit application can provide a knock against your credit score, potentially making it even harder to secure an account.
That doesn’t mean you should give up. Lack of credit doesn’t just make it difficult to rent an apartment and secure a cell phone contract; it also affects your credit score. Having a good credit score is important for any adult living in the United States. Whether you need a loan to buy a car or a house, or simply want to apply for a credit card or a different financial product, a US credit score is a must-have.
Financial planning on a budget can easily lead to some pretty creative thinking! It’s no wonder so many international students are looking for credit washers like the Deserve EDU Mastercard to help them build their US credit.
An Introduction to the Deserve EDU Mastercard
Launched in 2015, the Deserve EDU Mastercard is a student credit card specifically designed for international students. Even without a Social Security Number (SSN) and credit history, Deserve can still provide you with a credit card account. With a good track record, you can eventually qualify for the next Deserve card with a higher credit limit.
The Deserve EDU Mastercard offers the lowest interest rate of all Deserve student credit cards, fixed at 18.74% (APR) for purchases and cash advances. Other benefits include no annual fee, no foreign transaction fees, and a range of student loan refinancing offers. Additionally, the Deserve EDU Mastercard also offers cell phone protection up to $600 per occurrence.
Deserve EDU Mastercard Applicant Eligibility Requirements
The Deserve EDU Mastercard was created for students without a credit history, as well as those who may have one or are building their U.S. credit history. The Deserve EDU Mastercard has a few minimal eligibility requirements before application approval, which include:
- Be 18-65 years of age
- A US citizen or permanent resident, or hold a valid visa such as the F-1, J-1, or OPT
- No bankruptcy on your credit report in the past three years
- A US bank account in your name
Deserve does not require a Social Security Number (SSN), making it a great option for visa holders with no US credit history. Additionally, applicants are not subjected to a hard credit check, which means there is no impact to your credit score if you end up denied or not approved for the credit card.
Applying for the Deserve EDU Mastercard
Applying for the Deserve EDU Mastercard is pretty straightforward: simply complete Deserve’s secure online application. You will need to provide your full name, address, email, phone number, date of birth, and valid passport or visa number for identification purposes.
After submitting the application, you will receive a response via email within 24 hours (business days). Upon approval, Deserve will issue you a credit card account number that you can use for online purchases immediately.
Deserve EDU Mastercard Verdict: It Works for Most F-1 Students
The Deserve EDU Mastercard is a good credit builder for most international students coming to study in the U.S. With minimal eligibility requirements, Deserve provides international students with a student credit card to help them start building their US credit history. Additionally, the Deserve EDU Mastercard also utilizes reasonable interest rates, no annual fees, no foreign transaction fees, and a range of student loan refinancing offers.
Not to mention that Deserve accounts are FDIC insured up to the maximum allowable amounts, creating a level of peace for any account holder. So, if you need a good first-time credit builder, the Deserve EDU Mastercard is probably the way to go.
FAQs about Deserve EDU Mastercard
Q: Are there any prepayment penalties (APR) for the Deserve EDU Mastercard?
A: No, there are no prepayment penalties associated with the Deserve EDU Mastercard.
Q: Can the Deserve EDU Mastercard be added to a digital wallet like Apple Pay?
A: Yes, like most modern credit cards, you can add the Deserve EDU Mastercard to digital wallets
Q: Can you have multiple Deserve additions?
A: Yes, you can have multiple Deserve accounts, as long as you are using the credit responsibly.
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