Do Offshore Banks provide Credit Cards for your bank account when you open it offshore?
Many offshore banks offer credit cards to foreign customers. Just like the domestic credit cards, offshore credit cards can carry Visa or MasterCard logos. Offshore credit cards can be used to purchase items at more than 14 millions shops around the world. You will be able to withdraw cash from any ATMs located around the world. Some offshore cards have special privileges like free insurance through the credit card. There are also other benefits, example long distance call discounts, cash replacement and more. Normally every month you will receive a statement about the transactions of your credit card. The statement provides information on how much money you have spent in the past month and the total due balance. When you have an offshore bank account which is connected to your credit card you can make the minimum payment through your online bank account.
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Offshore credit cards are secured credit cards unlike the domestic credit cards. As a secured credit card, you are required to place a deposit with the bank. The deposit amount varies from different offshore banks. Normally the deposit amount is about 100% ? 200% of the credit line. For example, if the credit line is $20,000 and the deposit is 150%, you will need to place a deposit of $30,000. Hence, it can be costly to get an offshore credit card. You should do research and find out the percentage of the security deposit before applying.
When shopping for offshore credit cards, you should check out the different products offered by the offshore bank. Different types of offshore credit cards have different credit lines. Apart from having to prepare the funds for the security deposit, you have to pay for the administration fee. The administration fee will cover up the costs for arranging the card and trust deposit. The administration fee is about $100 and above. Sometimes the administration fee can cost a few hundred dollars depending on the offshore bank you have chosen. Annual fee may be applied to the credit card as well. The cost of the annual fee is about $100 ? $200. If you use the ATM to withdraw money, you will be charged $5 ? $10 per transaction depending on your location and bank you withdraw. There are a number of banks that charge 2 ? 3% per transaction. Additional charges are applicable to cash advances made through the ATM.
Offshore banks allow the credit card holders to raise the credit lines by placing more deposit. You can place more deposits by sending a bank draft to the address of the offshore bank. The bank draft must be in U.S. dollar. Alternatively, you can wire the amount of money to the offshore bank. Offshore credit card is actually not a credit card because it requires a security deposit. The deposit is used to pay your outstanding balance in the event that you did not pay it. It allows you to have access to a credit line that is secured with your own money. Offshore banks usually don?t advertise it as credit card. Instead, they use the term offshore or nameless card to refer to the credit card. Offshore bank advertises it as a card that offers the benefits of Visa and MasterCard.
Many offshore banks offer credit cards to foreign customers. Just like the domestic credit cards, offshore credit cards can carry Visa or MasterCard logos. Offshore credit cards can be used to purchase items at more than 14 millions shops around the world. You will be able to withdraw cash from any ATMs located around the world. Some offshore cards have special privileges like free insurance through the credit card. There are also other benefits, example long distance call discounts, cash replacement and more. Normally every month you will receive a statement about the transactions of your credit card. The statement provides information on how much money you have spent in the past month and the total due balance. When you have an offshore bank account which is connected to your credit card you can make the minimum payment through your online bank account.
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When shopping for offshore credit cards, you should check out the different products offered by the offshore bank. Different types of offshore credit cards have different credit lines. Apart from having to prepare the funds for the security deposit, you have to pay for the administration fee. The administration fee will cover up the costs for arranging the card and trust deposit. The administration fee is about $100 and above. Sometimes the administration fee can cost a few hundred dollars depending on the offshore bank you have chosen. Annual fee may be applied to the credit card as well. The cost of the annual fee is about $100 ? $200. If you use the ATM to withdraw money, you will be charged $5 ? $10 per transaction depending on your location and bank you withdraw. There are a number of banks that charge 2 ? 3% per transaction. Additional charges are applicable to cash advances made through the ATM.
Offshore banks allow the credit card holders to raise the credit lines by placing more deposit. You can place more deposits by sending a bank draft to the address of the offshore bank. The bank draft must be in U.S. dollar. Alternatively, you can wire the amount of money to the offshore bank. Offshore credit card is actually not a credit card because it requires a security deposit. The deposit is used to pay your outstanding balance in the event that you did not pay it. It allows you to have access to a credit line that is secured with your own money. Offshore banks usually don?t advertise it as credit card. Instead, they use the term offshore or nameless card to refer to the credit card. Offshore bank advertises it as a card that offers the benefits of Visa and MasterCard.
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