If you are an international student in the States, an important thing to do is to get a credit card as soon as possible (if possible as fast as you should get your Massachusetts ID or Driver's license - that is so you don't carry your passport everywhere). I've been here for two and a half years, and unfortunately didn't pay too much attention to this, until now.

Why is credit card so important? Well, there is pretty much one big reason: building a credit history. Credit history is very important here in the States and in case you want to extend your stay here, like going to grad school or so, it would be nice that you became eligible for some loans or at least a credit for your education, apartment rental, or purchase of a car.

Being an international student, in order to get a credit card, most likely you will need to pay a deposit to get a Secure Credit Card. The amount of your deposit determines what your credit limit will be. Most often initial deposit is $300. After you get a card, most of the banks will monitor your behavior (purchases, payments, etc.) and after a while they will increase that limit. I know, there are not too many things you can purchase for $300, but you need to start from somewhere. Go buy food, movie tickets, T credits and similar with your credit card. Even if you have cash, just buy it on credit card and pay later. Everything counts. Even after six months your limit might significantly increase regardless of your deposit, and after a year, if you are proven to be a proper credit card user (did not miss a payment or so), you will be given your deposit back, and your limit will be increased.

According to most of the international students that got their credit cards at the very beginning, their limits, after 2-3 years, are $2000-$3000 or more. Keep this in mind when you are finishing college, and start thinking of renting an apartment, you will need to make a down payment for your first and last month rent. In Boston, those prices are high, and you will need at least $2000 for that. That is where your good credit history and increased credit card limit come in the game. I have a year and a half before the end, and I hope I didn’t start too late. We will see. But you should not make this mistake, and think about it on time.

P.S. Some banks to have in mind for your checking and savings accounts, as well as credit cards are: ING Direct (Orange – savings, Electric Orange – checking), Bank of America (checking and saving accounts, and Secure Credit Card ($300 deposit) or Student Platinum Credit Card (no deposit if you get it)), CapitalOne – they are the first ones that will most likely give a credit card without deposit. Good luck.