Do offshore credit cards carry the Visa or MasterCard emblem?
Yes. Legitimate offshore credit cards typically carry the Visa or MasterCard emblem and are accepted at over 14 million locations worldwide just like a domestic credit card.
Can I get cash advances with an offshore credit card?
You can get cash advances from over 100,000 ATM and banking institutions. You can also make payments easily from an offshore bank account.
Is an offshore credit card similar to my domestic credit card?
In some ways, yes, your offshore credit card is very much like your domestic credit card. You can use it to make travel arrangements, acquire travel insurance, procure rental cars, long distance phone services and cash or card replacement. You receive monthly statements and can access your account online. Your offshore credit card account also has a rollover balance and monthly minimum payment requirement.
Do I need a credit check?
Yes you will need a credit check for an unsecured account. The catch here is that your credit check needs to show credit history in the country where you are requesting credit. If you are looking to acquire a Visa in Africa then you need to show a positive credit history in Africa.
I don't have an overseas credit history, does that mean I can't get an offshore credit card?
Not exactly, you can still get an offshore credit card you will simply need to secure it with your own funds. This secured card does not require a credit check and is the most commonly offered “credit” card. The limit is increased when your secured deposit is increased.
How much of a security deposit will I need?
Most likely 125%- 150% of the desired credit limit will need to be deposited into an offshore account to secure the credit line. Some banks may go as high as 200%.
Will I receive any interest income on my security deposit?
Some banking institutions offer a small interest payment on the account. The banks use these deposits to fund their own investments. They often share a small portion of their returns with their account holders.
What fees can I expect to incur when applying for an offshore credit card?
The initial fees, covering the establishing of the trust account and set up of the card, ranges from $100 to several thousand dollars. Before paying any fees to anyone be sure to do your homework. Check the bank’s reputation with regulatory agencies before proceeding.
Will there be any other fees I can expect?
The first fee you can expect is an annual fee. They begin at $100. The other fee common to offshore credit cards is the ATM transaction fee. It will often be $5-$10 OR 2-3% of the transaction total, whichever is greater.
How long does it take to get my deposit back after I close the account?
Most banks require a minimum of six months to close and process the return of your security deposit. The bank has been using your deposit to fund their investments and will need time to liquidate those investments.
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