It Can Help You Save Money Faster
Whether you have a checking account or some other account, you gain certain benefits. These include being able to cash checks, pay bills, and use direct deposit for free. You can also use automated features. Automatic transfers are an example. These let you transfer money into different accounts without having to think about it.
You can also transfer money to other accounts down the road if you decide to set up more accounts. Best of all, most of the features you can use through your bank are free as long as you have an account open.
Can You Get A Bank Account Without The Ssn
The answer to that is: yes, but not always. In the past, people did not need a social security number in order to get a bank account. However, the Federal Reserve System regulates most of the banks, along with the Deposit Insurance Corporation and their own board of directors.
Most banks get past the first two, but can’t get past the third threshold involving the board of directors. As a result, there are still some banks that meet the guidelines on every front and allow you to open a business bank account without an SSN. You just have to look for them.
Other Banks And Card Issuers
Bank of America also offers credit cards without requiring provision of a Social Security number. With a valid ITINâa number which is only available to those not eligible for a SSNâtwo great cards you may qualify for are the Bank of America® Travel Rewards credit card for Students and the Bank of America® Customized Cash Rewards credit card. Both of these will earn you rewards. In order to qualify, however, Bank of America recommends making sure that you have a good or excellent credit history beforehand. You will also need to apply at a branch in person.
Capital One will also accept an ITIN as an alternative ID on its online card applications. For those applying for a first credit card or with a fair or limited credit history, the bank has a few starter card options as well. A great card for this is the Capital One Platinum Credit Card. Most new applicants will receive only a small credit line to start, but can qualify for a credit increase after as few as six months of on-time payments. The Capital One QuicksilverOne Cash Rewards Credit Card has an annual fee, but offers cash rewards for eligible applicants with average credit or above.
Chase is another bank that accepts card applications online with an ITIN, though it may be more difficult to qualify with fair or limited credit history as Chase requires a good credit score for most card applications.
Read Also: Social Security Administration Office Locations
How To Get A Credit Card Without A Social Security Number
The most common alternative to providing a Social Security number is to use an ITIN, or Individual Taxpayer Identification Number, instead. Most credit card issuers accepting card applications without SSNs will request this as an alternative, along with other documentation required to verify the identity of an applicant.
Build Credit By Becoming An Authorized User
Another way to start building your credit is to become an authorized user on another individuals credit card account, such as a family member. Becoming an authorized user allows you to build your credit as long as the card is used responsibly. Many card issuers, such as Chase and Capital One, allow you to add authorized users to their credit cards without the need for an SSN.
Once youve built up enough credit, you might qualify for certain credit cards of your own. Learn more about how to add an .
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Protect Your Card And Personal Information
Direct Express® will never contact you by phone, email or text message to ask you for your card number, password, PIN or security code.
If you have responded to any communication asking you to provide any card or personal information, please inform Direct Express® customer service immediately by calling the number on the back of your card.
How To Apply For A Debit Card Without A Social Security Number
A debit card is basically an alternative to carrying around cash. Its like a credit card, but instead of using it to apply for loans and apply payments to your balance , you use it just like cashswiping or dipping the magnetic strip into the payment system.
Having a debit card is like having convenience in your pocket. However, as convenient as they might seem, not everyone has a debit card or isnt eligible to apply for one. Some people are afraid of giving their personal information out and therefore don’t want to provide their social security number. Others simply don’t have a social security number to provide.
So, what happens if you want to apply for a debit card but don’t have a social security number? Dont worryyou can apply for a prepaid debit card without providing your SSN. Not interested in a prepaid card? Certain banks will accept applications with an ITIN .
If you file taxes in the US, you should have an ITIN. If you need one, learn more here about how to apply and to check your eligibility.
Dont qualify for an ITIN or simply dont want to go through the hassle of applying for one? Theres one more option! Forget the hassle and red tape that comes with applying for other debit cards and just get a Cheese Debit Card. You are able to apply with just an established US address, passport, and valid visa. Plus, you get access to tons of cashback perks, rewards, and more.
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Apply For A Business Credit Card With An Ein
If youre a small business owner and have an ITIN, its possible to apply for an EIN, or employer identification number. This number is used to identify your business, but it can also be used in place of an SSN to apply for certain credit cards.
For more information, read about how to get a business credit card with an EIN.
Your Social Security Number And Your Credit
Your credit report is a list of your credit account details from the time you first established credit that was reported to one of the three main credit bureaus . Learn how to read a credit report. The credit bureaus, banks, and other lenders need a unique identifier that can be used to track your personal information across all systems. The Social Security number emerged as a logical solution.
Whenever youâre applying for a credit card with a financial institution, the lender will ask for your Social Security number to look up your credit report. Lenders also use your Social Security number to report payments, balances, and other credit details. Businesses use an EIN, or Employer Identification Number, for this purpose. But what if you donât have a Social Security number? In that case, you need an alternate tax ID, such as an ITIN.
The ITIN is a social security number alternative used by the IRS to account for tax returns and tax payments of resident and non-resident aliens, regardless of immigration status.
A short list of credit card issuers will allow you to apply for a credit card without this personal information, but it isnât common for a bank or financial institution. Thatâs due to a combination of government regulations and risk management concerns for the credit card issuer.
Read Also: Collin County Social Security Office
International Use Of The Direct Express Card
Yes. You can use your Direct Express® card outside the United States, wherever Debit MasterCard® is accepted. See question 3.1 for information about fees that apply when you withdraw cash or use your card to make purchases outside the United States. The United States includes:
- US Virgin Islands
Surcharge fees may apply when using your card at an ATM outside the United States or in a location that does not offer a large Direct Express® ATM network at this time .
Build Your Credit With Or Without A Social Security Number
Even if you don’t have a Social Security number, the U.S. credit bureaus will use other information about you, such as your name, address and birthdate, to gather information about your credit activity all in one place.
To build good credit, youll need to show positive payment history over time. This means making regular purchases and paying off your balance on time every month.
It takes about six months of credit activity for a FICO credit score to be created. Once you have a FICO score the score most commonly used by lenders to determine your creditworthiness you may find a wider variety of credit cards available to you. You could move up to an unsecured credit card and eventually cards that offer juicy rewards.
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The 8 Best Prepaid Debit Cards
The Western Union NetSpend card has several tiers of fees for its prepaid cards, so you can choose the one that best suits your spending style. The first option is the Pay-As-You-Go Plan.
There are no monthly service fees. Instead, you have to pay $1.00 for each signature purchase and $2 for each PIN purchase . This can be an expensive option if you use your prepaid card for purchases regularly.
Your next choice is the Monthly Plan. Instead of paying for each transaction, you instead have a flat monthly fee of $9.95.
The final option is the Premier Plan, where you pay a monthly fee of just $5. To qualify, you must have at least $500 in monthly direct deposits.
Its also worth noting a few additional fees you might incur with all of these plans. There is an account inactivity fee of $5.95 a month, plus a $0.50 balance inquiry fee over the phone or at an ATM .
Finally, youll incur a $2.50 fee for ATM withdrawals from an ATM, plus whatever fees the ATM owner charges.
Before deciding which Western Union prepaid debit card is right for you, think about how and where you spend money and what kind of direct deposits you might be able to use. Its better to think about these things in advance because small fees can quickly add up.
What If I Have No Social Security Number Or Itin
While most banks require this information to open an account with them, it is possible to request a basic current account. To confirm your identity without a SSN, banks in the US will likely ask for at least two forms of identification like a passport and US driver’s license.
Still, you should expect them to ask you to apply for an ITIN first. If you would like to open a bank account without one, then have a look above at our list of the 4 no-SSN online bank accounts in this article.
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Using Your Direct Express Card
- Direct Express® cardholders may avoid such instances by not using the card to reserve hotel rooms or rental cars unless the card account has a balance sufficient to cover the hold. Although certain gas stations may put a hold on pay-at-the-pump debit card payments, where valid ID and a signature are not required for payment. Direct Express® cardholders may avoid such practices by simply paying the cashier in person.
- When you check into a hotel or rent a car – or if a restaurant or other business asks for your debit card in advance of service – ask if the company is “blocking”. Also ask how much will be blocked, how the amount is determined, and how long the block remains in place. Consider paying hotel, motel, rental car, or other “blocked” bills with the same debit card you used at the beginning of the transaction. Ask the clerk when the prior block will be removed. If you pay with a different card, by cash, or by check, remind the clerk you are using a different form of payment and ask them to remove the prior block promptly.
What Is An Itin
A U.S. individual taxpayer identification number, or ITIN, is an ID number used by the Internal Revenue Service . The number allows the IRS to process taxes for individuals without an SSN. ITINs are currently available to noncitizens in the United States who arent eligible for an SSN.
If you qualify for an ITIN, then your spouse and dependents also can obtain one. Having this number can be great for a number of reasons. One of these is that they can be used for credit reporting when you go to purchase large items later in life.
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Best Alternative To A Prepaid Debit Card
The Chime Visa® Debit Card is not a prepaid card, but it can save you more money than some other cards on this list. With Chime, there are no monthly fees, and that is also true of the debit card.
To get started, you will have to open a Chime Checking account. Then, you can manage your account with the banks mobile app. Theres no minimum balance you have to maintain and no monthly fees.
One of the advantages of using the Chime Visa® Debit Card is that it can help you save money over the long run. This is because every time you swipe your card, Chime rounds up your transaction to the nearest dollar.
The bank will then transfer these savings into your savings account. Its an easy way to save money without even having to think about it.
Chime allows you to get paid up to two days early with direct deposit. Youll also get over fee-free1 ATM withdrawals at over 60,000 stores like Walgreens, CVS, and 7-Eleven.
Chime also just launched a brand new secured credit card that can help you build your credit.
Best For International Students: Deserve Edu Mastercard For Students
The Deserve EDU Mastercard provides an interesting credit option for college students, including international students who are studying in the U.S. You dont need an SSN to apply because Deserve checks other factors to determine your credit risk potential. This includes seeing how you manage your money and whether you pay your bills on time.
The Deserve EDU offers free year of Amazon Prime Student after spending $500 in the first 3 months. It also has a $0 annual fee and you can earn 1% cash back on all purchases. This card is likely best for international students because they might not have many other credit card options that also offer rewards.
For more details, check out our Deserve EDU Mastercard review.
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How Can I Get A Credit Card Without An Ssn
The good news is that there are some alternatives to using an SSN when applying for a credit card or online account. Some companies will allow applicants to use an alternative form of identification such as a passport, visa or driving license. Others will take a Tax Identification Number, such as the ITIN which can be issued upon application to foreign legal residents in the US.
Marcus By Goldman Sachs
by Goldman Sachs provides customers with a range of financial services:
- A variety of savings products
- A fee-free checking account
- Personal, home, and debt consolidation loans
- Financial education resources
There are no physical branches, meaning you’ll have to take care of sign-up either online or over the phone.
You can open a Marcus account with an ITIN if you don’t have an SSN.
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Alternative Cards That Dont Require An Ssn
If youre looking for cards you can get without a Social Security number outside those offered by major issuers, the following options may be a good fit:
- Petal® 2 Cash Back, No Fees Visa® Credit Card: This card requires you to be a U.S. resident and have either a Social Security number or an ITIN.
- Deserve® EDU Mastercard for Students: This card requires you to be a student, but a Social Security number isnt needed.
- Oportun Visa Credit Card: This card requires you to have a Social Security number or an ITIN.
- Tomo Credit Card: This card requires you to have a Social Security number or an ITIN.
Why Do Banks Need A Social Security Number
A Social Security Number is a unique identification that keeps track of your entire financial life. It’s used to report your income to the IRS and issue government benefits after you retire.
Banks usually ask for your SSN so they can verify your identity. They’ll also use it to check your credit score and banking history to decide if they want to approve you for an account. Plus, if you earn any interest, that can be reported to the IRS.
Read Also: Balch Springs Social Security Office
What Is The Best Credit Card For New Immigrants
Top credit card options for new U.S. immigrants include the Capital One Platinum Secured Credit Card, U.S. Bank Secured Visa® Card* and the First Progress Platinum Prestige Mastercard® Secured Credit Card, but what card might be right for some wonât necessarily be right for you. Consider your spending habits, budget and credit situation to determine which card is right for you before applying for any card.