How to get credit card with ITIN number? This is a question that many people in the United States ask. To be more specific, many people in the U.S who are ineligible for a social security number ask this question. If you happen to be among such people then you’re in luck simply because the answer to the aforementioned question will be revealed shortly. However, before we get to that, we need to take a look at some important things related to ‘applying for and obtaining’ credit card with ITIN number.
In order to obtain and pay for most of the services that we use today, we need a credit card. In fact, most of us are part of a cashless society. Credit cards are extremely beneficial when you want to:
- Pay for a large expense
- Build credit
- Earn rewards on the money you spend
In order to conduct a trial of your credit profile, credit card companies request your social security number as part of the application process. In order to verify your identity, the card issuer uses this nine-digit number. People who don’t have a social security number often adopt expensive means to pay for services and/or goods in the United States. An example of this is a foreign bank issued credit card.
In the US, using a credit card issued by a foreign bank to pay for goods and services is possible. However, you’ll need to incur high transaction fees as well as other costs if you use a credit card issued by foreign bank in the United States. Fortunately, there are ways for people without a social security number in the United States to obtain a U.S bank issued credit card. One such way is using an ITIN number. So how to get credit card with ITIN number? Before we look at how to get credit card with ITIN number, let’s first take a look at what ITIN is and who’s eligible for it.
How to get credit card with ITIN number? Before we get to that, it is important to understand what ITIN is. Issued by the Internal Revenue Service (IRS), an ITIN is a tax processing number. A nine-digit number, ITIN start with the number nine and has the number seven or eight as its fourth digit. ITINs are issued to individuals who do not have a social security number but are required by the IRS to have a United States taxpayer identification number.
Under the internal revenue code, most people living in the United States have tax payment and return responsibilities. Therefore, the IRS issues ITINs irrespective of immigration status i.e. whether the individual is a legal resident or non-resident alien. Unless they fulfill an exception, individuals will receive an ITIN only if they file a valid income tax return and have a filing requirement. You probably want to jump to how to get credit card with ITIN number. However, you need to hold your horses because we first we need to look at what an ITIN is used for, who needs an ITIN, and whether the number is valid for identification. By finding out about these things, you’ll be better able to understand how to get credit card with ITIN number.
What is an ITIN used for?
Federal tax reporting is the main purpose an ITIN serves. In fact, ITINs are not intended for any other purpose. An ITIN does not make individuals eligible for earned income tax credit or social security benefits and neither does it authorize work in the United States. Outside the tax system, an ITIN is not valid identification. The only reason the IRS issues ITINs is to help people who aren’t eligible for a social security number comply with U.S tax laws. Furthermore, IRS wants to provide such individuals with a way to efficiently manage and elucidate tax payments and returns. So how to get credit card with ITIN number? Not yet! Let’s first take at a look at who requires an ITIN.
Who requires an ITIN?
Individuals such as foreign nationals who are ineligible for social security number but who have federal filing or tax reports requirements are issued ITINs by the Internal Revenue Service (IRS). Furthermore, an ITIN is required by a non-resident alien who is ineligible for a social security number and who needs to file a United States tax return just to claim a tax refund under the United States tax treaty provisions. Following are some of the people that require an ITIN.
- Non-resident aliens who are ineligible for a social security number but need/want to file a U.S tax return
- S resident aliens who are ineligible for a social security number but need/want to file a U.S tax return
- A U.S citizen’s or resident alien’s spouse or dependent
- A non-resident alien visa holder’s spouse or dependent
You are probably itching to find out how to get credit card with ITIN number. However, you need to be a little patient because we need to know whether ITINs are valid for identification before we find out how to get credit card with ITIN number.
Are ITINs valid for identification?
Outside the tax system, an ITIN typically isn’t considered as valid identification. Unlike agencies that provide genuine identity certification, the Internal Revenue Service doesn’t apply the same standards since ITINs are specifically for tax processing.
The Internal Revenue Service does not endorse the legitimacy of identity documents and ITINs aren’t meant for non-tax purposes. However, the good news is that many financial institutions in the United States accept ITINs as valid identity documents. This includes banks that issue credit cards in the United States. We’re now all ready to look at how to get credit card with ITIN number. However, before we do that, looking at the ways to apply for and obtain an ITIN is important.
Applying for and obtaining an ITIN
How to get credit card with ITIN number? In order to get credit card with ITIN number, you first need to apply for and obtain an ITIN. In order to apply, you need a Form W-7, Application for IRS ITIN. Unless you qualify for an exception, you’ll need to attach to this form a bona fide federal income tax return. Furthermore, you’ll need to provide your original identity documents or a certified copy of them. The only document accepted for both foreign status and identity is an original passport. In case you don’t have a passport, you must provide a combination (two or more) of current documents that show your name and photograph, contain expiration dates and back your foreign status claims. Following are the documents accepted as proof of foreign status or identity:
- School records
- Medical records
- S driver’s license
- National identification card
- S state identification card
- Foreign military identification card
- Civil birth certificate
- Foreign voter’s registration card
- S military identification card
- Foreign driver’s license
- S Citizenship and Immigration Services photo identification
In order to obtain an ITIN, you need to send Form W-7, your tax return and documents that prove your identity or foreign status to:
Internal Revenue Service, ITIN Operation
P.O. Box 149342
Austin, TX 78714-9342
You can apply for an ITIN either by visITINg an Internal Revenue Service assistance center or using the services of an acceptance agent. Who is an acceptance agent? An individual or entity authorized by the Internal Revenue Service to help individuals in obtaining ITINs is known as an acceptance agent. They are many tasks undertaken by an acceptance agent including:
- Completing an accuracy certificate
- Reviewing documentation of the applicant
- Forwarding the application and certificate to the Internal Revenue Service for processing
Another way to obtain information on ITIN is calling IRS toll-free number: 1-800-829-1040. You will receive a letter that contains your tax identification number from the internal revenue service if your application is complete and you qualify for an ITIN. Usually, ITIN is issued four to five weeks after an individual files an application for it. You should call the IRS to find out the status of your application in case you do not receive your ITIN after six weeks have passed since you applied.
We’ve now discussed what an ITIN is, what it is used for, who needs it, whether it’s valid for identification, and the ways to apply for and obtain it. So without further ado, let’s look at how to get credit card with ITIN number.
How to get credit card with ITIN number?
A lot of people in the United States who are ineligible for a social security number want to know how they can get a U.S bank issued credit card. There are a few ways to get a credit card without an SSN number. However, the easiest and safest way is using an ITIN number. Therefore, knowing how to get credit card with ITIN number is important. However, before we find out how to get credit card with ITIN number, let’ see what social security number is and why it’s important.
Your basic information such as your name, employment status, phone number, and U.S address is what a typical credit card application would require. The application would also ask for a United States social security number (SSN). Provided you meet bank requirements, social security number will make you eligible for credit cards in the U.S.
Generally, U.S citizens are assigned social security numbers shortly after they’re born. When you work, social security numbers are used to keep track of your earnings for tax purposes. Furthermore, the credit history of most people is tied to their social security number. This means that a social security number allows a lender to see whether someone pays bills on time and the amount of debt he or she has.
Not considering political asylum seekers and refugees, foreigners living in the United States aren’t automatically given social security numbers. For example, a social security number may not be issued to a foreigner who’s attending school or working in the United States under a worker, student, or immigrant visa. The same is applicable for individuals with a green card who are not yet permanent residents.
Although it can cause inconvenience, not having a social security number does not prevent you from obtaining a credit card. If you are living in the United States and don’t have a social security number, you can still apply for a credit card and obtain it. How? There are a few ways to do it. However, our focus is on the ‘commonly used’ and ‘best’ way to get a credit card without a social security number and that way is using ITIN number. So how to get credit card with ITIN number? Let’s take a look.
Available to anyone who isn’t eligible for a social security number, ITIN is issued by the Internal Revenue Service for tax purposes. How to get credit card with ITIN number? Financial institutions such as banks use ITIN to keep track of your credit history. In more many ways, an ITIN works just like a SSN. However, there is one major difference—you can obtain an ITIN regardless of your immigration status which is not the case with a SSN.
Today, there are many financial institutions that do not process a credit card application unless and until the applicant provides them his or her social security number. However, there are also some financial institutions that accept an ITIN for a credit card application. You already know how you can obtain an ITIN. Therefore, without wasting much time, we will get straight to the point—how to get credit card with ITIN number?
How to get credit card with ITIN number? Before we look into the process, let’s take a look at the financial institutions that allow you to apply for a credit card with an ITIN. Following are the banks that allow you to apply for a credit card with an ITIN:
- American Express
- Bank of America
- Capital One
So how to get credit card with ITIN number? The aforementioned banks will not deny you a credit card on the basis that you do not have a social security number and are applying with an ITIN. However, they have the right to deny you the credit card if you don’t have a credit history. It is important for you to keep in mind that you cannot transfer foreign credit to the U.S. Therefore, you’ll have to build your credit history from scratch.
How to get credit card with ITIN number? Usually, people applying for a credit card with ITIN have to start with a secured credit card. This type of credit card requires a security deposit. When the card issuer is unable to determine your credit quality, the security deposit neutralizes any risks to them. The credit line that the card issuer will provide you will be equal to your security deposit.
The collateral for a traditional loan and the security deposit for a secured credit card are pretty much the same thing. On the plus side, even if you have no credit history, applications for secured credit cards are almost always approved. You might become eligible for a regular secured credit card if you manage the account responsibly for a year or so. What does managing your account responsibly mean? Managing your account responsibly means using your card responsibly and paying it off in full and on time.
How to get credit card with ITIN number? You will be able to set up a credit profile with the three ‘big’ credit bureaus once you use an ITIN to open a credit card account. The three bureaus you can build a credit profit with are:
How to get credit card with ITIN number? You cannot transfer any foreign credit history that you may have your United States credit profile. However, you’ll eventually set up a credit score if you maintain an efficacious payment history. This in turn will allow you to apply for other lines of credit or loans.
Most people in the United States apply for a credit card using their social security number. However, there are many people in the U.S who do not qualify for a SSN. So how do people ineligible for a SSN apply for and get a credit card? Easy! They obtain an ITIN and use it to apply to banks that allow individuals to apply for a credit card with an ITIN. So there you have it—how to get credit card with ITIN number.