Offshore credit cards are credit cards issued by an offshore bank in a jurisdiction that is different from that of the cardholder. Real ‘unsecured’ offshore credit cards with credit lines are very difficult for the average person to obtain because banks refuse to issue them. Most banks will need possession of reliable credit histories and a means of getting their money back. If a customer is somewhere ‘offshore’ the risk of extending a credit line is too great and so as a result these cards are only issued to clients that have long standing relationships with the bank in question.
Almost all good offshore credit cards are secured. This means that along with the offshore credit card application you will have to deposit a certain amount, (usually 100-150% of the credit line), to use one. For a credit line of $10,000 USD at 150%, you would need to deposit 15,000 USD for example. Although this means that they are not strictly credit cards, it does mean that credit checks are not required as with most onshore credit cards.
Furthermore, you can expect from an offshore credit card the same privileges as for any major credit card such as cash advances, car rental benefits, insurance, and travel freebies.
[box type=”info”]Unsecured Offshore Credit Cards – are not issued by offshore banks except to well-known clients. Due to the global nature of offshore banking, credit checks would be too complicated and the risk of non-payment too great.[/box]
[box type=”alert”]Since it is almost impossible to get one, if you see an ‘unsecured’ offshore credit card advertised online beware it is probably a scam.[/box]
Contact us today to learn how you can get your offshore credit card.