It is very necessary to have a credit card in the United States, and it is best for international students in the United States to have one or two. Banks like BOA and Chase will issue credit cards to customers who have more savings in the Bank and internationally. Here is a look at what are the benefits of having a credit card in the United States.
When you buy something in the U.S. and find that the price of the item has dropped after you buy it, the credit card bank will compensate for the difference in price. You can also apply for compensation if it is damaged or lost within three months of purchase, or even if you are not satisfied with the purchase but the merchant does not accept returns, you can apply to the bank for a refund.
If a credit card is stolen, the cardholder is only liable for a maximum of $50 and with most banks, the cardholder has zero liability.
Credit cards also have this feature of cashback. Many credit cards offer rewards ranging from 1% – 6% on purchases that can be converted to points, miles, or even cash. Many banks or credit card companies also partner with different brands or department stores to offer different spending rewards each quarter.
It is also worth mentioning that many credit cards offer different start-up benefits for new cardholders, such as a free interest rate for the first year of card opening.
Credit cards are used to accumulate credit. As you know from living in the U.S., you need credit history to rent an apartment, get a loan, or even to turn on the water grid.