Offshore Credit Cards

Not long ago offshore investors were not able to obtain a credit card from an offshore institution. However, things have changed in recent years. Previously individuals with offshore accounts had to physically withdraw money from their offshore banks, or have money wired to them. Nowadays most offshore banks offer a variety of bank cards with the features and benefits of being co-branded with Visa, MasterCard and now even American Express.

Most offshore institutions can give their investors not only more flexibility, but also more convenience. The offshore credit card has all the features of a regular credit card and are accepted worldwide. They provide benefits such as insurance, car rentals, cash replacements, long distance calling cards, and cash advances.

When you have an offshore credit card you receive a monthly statement and internet access to your offshore account the same as if it were a domestic credit cards. Another similarity between the two types of credit cards (domestic and offshore) is that they both require a minimum monthly payment and can carry a balance forward to the next month.

Despite many similarities, there are significant differences between an offshore credit card and a domestic card. Most offshore institutions require investors to place a security deposit along with their application, hence these cards are called "secured offshore credit cards". They don't require a credit check but in order to increase a credit line the investor is required to increase their security deposit.

There are two ways to do this - by dollar draft or money wiring. The main difference between an offshore credit card and a traditional is that the first is a line of credit which is secured with the investor’s own transferable money. That's why most offshore institutions call this type of cards "offshore credit card with benefits of a Visa or MasterCard."

Ever since the new KYC (know your customer) laws have been enacted in offshore financial centers it's become more complicated to open a bank account. Generally when applying for an offshore bank card you'll need a properly completed application form, trust agreement with a personal security code, notarized form of identification, valid passport photo and a letter from your domestic bank, plus it helps to have a lawyer or an accountant acting as your agent.

If you require assistance in opening and offshore bank account and obtaining Visa, MasterCard and/or American Express then please write to us and we'll show you how we can expedite the application process.

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