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What is an ITIN and what can I do with it?

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If you were not born in the United States and currently live there, you will be asked to get a Social Security Number to be able to apply for most financial products. What if you do not have a Social Security Number? Well, you can actually get an ITIN (Individual Taxpayer Identification Number) and apply for different financial products using this number instead.

What is it?

ITIN stands for Individual Taxpayer Identification Number. If you think you might want to get a credit card, we highly recommend you should get one. They are issued by the IRS and are made for individuals that are not eligible for a Social Security Number from the Social Security Administration. It will help you identify yourself when you file your tax returns and as explained above, it will also help you obtain various financial products that will help you live an easier life.

What is it used for?

It is important to know that an ITIN will not give you authorization to work in the United States or give you any Social Security benefits. Its only purpose is tax reporting, but it can be a good substitute for a Social Security Number if you are looking for a financial product, like a credit card.

How to obtain an ITIN

You will need to submit your application to the IRS with this information attached:

  1. Form W7
  2. Proof of Identification
  3. Income tax return

What credit cards can I get with an ITIN?

  • Capital One Platinum Credit Card
Annual Fee N/A
APR 26.99% variable
Rewards N/A

This credit card does not offer a lot of rewards, but it is a solid option if you want to build credit. You will also be eligible for a higher credit line in as soon as six months.

  • Capital One Platinum Secured Credit Card
Annual Fee N/A
APR 26.99% variable
Rewards N/A

This is a secured option that will help you build credit responsibly. You can put a $49 security deposit and get a $200 initial credit line. You will also be eligible in six months for a better product with no initial deposit required.

  • Petal 2 Visa Credit Card
Annual Fee N/A
APR 12.99% – 26.99% variable
Rewards 1% – 1.5% cashback on eligible purchases

This credit card gives you 1% cashback right from the start. Also, you will get 2% – 10% cashback at select merchants, and after 12 on-time payments (monthly), you will get 1.5% cashback on eligible purchases. Lastly, this credit card does not have any type of fees.

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