Credit Card Tips for Students Studying Abroad

Credit cards have numerous benefits- there are no two ways about it. However, using your credit card in your home country India is different than using it abroad.

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How is Using Your Credit Card in a Foreign Country Different?

Since the currency itself changes when you are living in a foreign country, everything about your credit card changes as well. Your credit card limit may increase or decrease depending on the exchange rate, and there will be some additional charges for using your credit card overseas.

How to Choose a Credit Card When Going for Studies Abroad?

If you are yet to pick a credit card that you will be using in a different country, then the following factors could help:

• Transaction fees and additional charges: Using your home credit card abroad can be quite expensive. Thus, you should find a card that offers minimum foreign currency conversion fee, foreign transaction fee, etc. Since the cash advance fee is the highest of all and can go up to 4%, this should be the biggest influential factor in your decision.
• Customer Support: Living in a foreign country can be a daunting experience. You know limited people and are also away from family and friends. So, the last thing you would want is a terrible customer support for your credit card. Thus, pick a provider that has a good customer service in the country you are studying in.
• Convenience: Usually most types of credit cards backed by VISA or MasterCard are accepted in most countries. Still, it would be a good idea to ensure that your credit card is accepted at most places in the foreign country you are going to live in.

A large number of meritorious students from India go aboard for higher education which is why several banks offer special credit cards for such students. Some good options worth checking include SBI Student Plus Advantage Card, HDFC Regalia Credit Card, etc.