How to open a credit card in the USA

Many people wonder about this question, even those who do not live in the United States: how to open a credit card in the USA. There is actually quite a bit of information on this topic, but usually it is not comprehensive. That’s why we have decided to outline the registration process for our readers.

So let’s start with the fact that the entire America lives on credit today. This is not because Americans don’t have money, but because it is more convenient for them to own what they want right away, rather than waiting six months or a year to make a purchase. Therefore, they easily take out loans for housing, cars, and so on, all the way down to mobile phones, which they can afford to change monthly if they wish. The main thing is for their desires to be fulfilled. Thus, anyone who wants to have the ability to take out loans, especially at advantageous interest rates, needs a credit card.

Let’s start with the basics that many people do not understand and get lost in.

Opening a credit card for immigrants without a credit history in the United States and without a Social Security Number (SSN):

Let’s be honest, no one will be willing to open a credit card for you if you were not born in the United States. The reluctance to open credit cards for immigrants (including those who have won the DV Lottery) is due to some individuals taking out loans and leaving the United States without repayment. So, how can you build a credit history to get a credit card?

It all starts with “emulating” the spending process. American banks want to see that you are a reliable partner, and for that, they are willing to open a DEBIT CARD for such cases. After opening a debit card, you need to deposit some initial funds into it. An amount ranging from $1000 to $5000 should be sufficient, and then… start spending and repaying those funds as if they were credit. In other words, with a positive balance of $3000, you start spending that money as if it were a credit line and repay it within a week or two. Gradually, the bank will observe these transactions and, upon recognizing the systematic pattern, provide you with a credit card and a credit limit.

Banks operating in the United States from outside the country refuse to open accounts for credit cards for those who are outside the country. Therefore, you will have to do this directly from within the United States.

While in the US, you will need the bare minimum of documents for a bank to be willing to work with you and open a debit card. This includes:

• Proof of identity (Acceptable documents include: Passport; US driver’s license, or as a last resort, a driver’s license from another country if it is translated into English; Birth certificate, again in English; State ID)
• Proof of US residence (Rental lease agreement or paid bills for residence and/or utilities)
• Phone number (The number should be an American phone number)
• Initial deposit amount (Ranges from $0 in some banks to $25-100)

It’s also important to mention the following:

• Data from various booking platforms, Airbnb, etc., are not considered proof of US residence. Banks do not want to deal with them. Therefore, either have a contract in your name or bills with the same name.
• Even non-US residents can obtain a driver’s license. To do this, you simply need to pass the driver’s test while in any legal status.
• State IDs are also provided to tourists at the DMV.

But where should you go with these documents? Which banks are willing to open an account?

TOP banks that are willing to open an account without an SSN:

TD Bank:

TD Bank is currently the most accommodating bank that is always ready to assist immigrants and individuals without an SSN. This bank allows you to obtain a debit card on the same day you approach them. Within 30 minutes, the bank will open an account and have everything prepared for you to start. Another feature of this bank is the Security Credit Card, which is similar to a credit card, but the credit line is established by you through a deposit on that card, as we mentioned earlier with the deposit process and its utilization. After some time of observing your spending patterns, the bank will return your deposit and replace it with its own. Once they make the balance transfer, there is no need to rush to the bank and replace the card. This card will become a credit card. So, it’s a convenient bank to start with.

Chase:

Chase is one of the major banks that offers attractive service conditions. With a balance of $2,000, they allow card maintenance without any annual fees. This bank has numerous programs, including ones for entrepreneurs. You don’t need an SSN or ITIN to open an account initially, but they may request it in the future. By opening a business account in this bank, you can simultaneously open an account for non-residents.

Please note that the banking policies and requirements may change over time, so it’s always a good idea to directly contact the banks or visit their websites for the most up-to-date information on opening accounts without an SSN.

Bank of America:

As the largest bank in the United States, Bank of America primarily serves Americans but also has a positive attitude towards foreigners. According to their regulations, a personal meeting is required for anyone who wants to open an account. Therefore, there are usually no online applications for the initial opening of a card and account. This bank is considered conservative, but they do offer online banking services. They are more likely to ask for the client’s ITIN, which leaves an imprint on their operations. On the other hand, the bank’s stability is ensured by their meticulous approach to their business.

Wells Fargo:

Wells Fargo is an international bank, but in recent times, they have been actively focusing on operations in the United States. One notable feature of this bank is that they only process significant account transactions when the client visits in person. For example, if a client wants to enable international payments, they are welcome to visit a banker. During the initial account opening, they are unlikely to ask for an SSN or ITIN, but they may mention it in the future.

This list is not exhaustive. There are other banks that are willing to help immigrants open accounts and potentially transition to credit services. However, due to various circumstances, bank policies may change annually. Therefore, in each case, it is recommended to independently review the conditions of the banks on their websites.