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Offshore Credit Cards, Debit Cards and Secured Cards

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Offshore Credit Cards, Debit Cards and Secured Cards Powered By Docstoc
					Presented by Daniel Toriola
Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the person’s credit score. Click here to know more

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Offshore Credit Cards, Debit Cards and Secured Cards By Patrick Winters

One of the problems most investors come across once they have moved offshore is how to repatriate their offshore funds. Sending wires directly back to your home bank account could involve dangerous invasions of privacy whereas physically going to your offshore bank and withdrawing cash may also breach customs restrictions and invite the risk of theft. For larger payments, you could ask your offshore bank to wire funds directly to the vendor but the time and effort this involves would not be appropriate for smaller sums. It is widely recognized that the easiest way of spending your offshore money is with an offshore credit or debit card. An offshore Visa or Mastercard will allow you access to your offshore funds from pretty much any where in the world. Here are some typical features of offshore cards: Offshore Credit Card - 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 10,000USD 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. 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. The vast majority of 'unsecured' offshore credit cards are scams, because such credit lines would simply not be offered without extensive KYC. Most unsuspecting investors who are lured into unsecured credit card schemes end up paying an initial card registration fee and then never hearing from the 'bank' or 'offshore service provider' again.

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Presented by Daniel Toriola
Offshore Debit Card - Offshore debit cards function in almost the same way as secured credit cards, the difference being you can only spend what is actually funded on the card. The advantage is that they will offer the same privileges, benefits and worldwide acceptance as a major international credit card. Where can I Use an Offshore Credit Card? Although many successfully use their offshore credit cards there are some pitfalls associate with their use. For example a US citizen has recently ended up in court charged with tax evasion because he used his offshore card to buy luxuries in the US with un-taxed dollars from an offshore account. Many people use offshore credit cards in their home countries, however this man did not count on there being video cameras in 400 of the cash points he visited. It is difficult to disprove video being caught on camera using a card with your name on it. It is still possible to use offshore credit cards at home as long as certain precautions are taken, and if possible, a corporate or even an un-embossed offshore card is used. A corporate card for example can be used to legally pay for equipment, expenses or employee salaries for your offshore company. Personal offshore credit cards can still be usefully employed on holiday, or if you travel abroad regularly. Using the card abroad will carry less risk than using it at home, while you can still enjoy the benefits of your tax-free nest egg. So next time you're out with your buddies, you can whip out your offshore Visa or Mastercard and graciously pick up the tab....They only have to know that you're doing so out of the tax savings from your offshore account if you choose to tell them. But be careful, envy is a dangerous thing! :)

http://www.capitalconservator.com/credit-cards/ Capital Conservator has more than a decade of experience in helping people to move and grow their assets offshore. Capital Conservator offers a range of offshore credit cards, the most popular being the Platinum card which offers a 10,000EUR daily limit and can be used in 170 countries, 1 million ATMs and 3 million merchants worldwide within the Platinum card network.

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Debunking 5 Secured Credit Card Myths By Sean Masterson

When it comes to secured credit cards, many myths abound. From "they're only for people with bad credit" to "they're more expensive than unsecured cards", you can't always distinguish the truth from the lie. Worry not. I'm debunking the most common secured credit card myths. 1. Secured Cards are a Bad Credit Stigma Think a secured card announces to the world that you have bad credit? Guess again. Most secured cards are indistinguishable from unsecured cards. Your card itself won't say anything and your credit report won't show the fact that your account is secured. 2. Secured Credit Cards Have High Interest Rates Many people assume that secured cards are for people with bad credit, and as such they have a higher interest rate attached to them. This isn't the case. A secured credit card is less of a risk to creditors because the credit line is backed by a bank account. Because of this, secured cards often have lower interest rates than many of the bad credit unsecured cards. 3. They're For People with Bad Credit If you think a secured credit card is only for people with bad credit, you can rethink that logic. Secured credit cards are for people from all walks of life. You don't have to have bad credit to carry one. Many people with decent credit qualify for unsecured cards, but not the best ones. In these cases, a secured credit card can offer better terms and higher credit limits. 4. They're Issued by Predatory Lenders Secured credit cards, more often than not, are not issued by predatory lenders. The cards issued by predatory lenders have high interest rates and high annual fees and processing charges attached to them. While a secured credit card is likely to have an annual fee it will usually be reasonable (in the $50 range), as will the interest rate. 5. A Secured Card Is Like a Debit Card This one couldn't be further from the truth. Secured cards are connected indirectly to a bank account, but they work nothing like debit cards. Your secured credit card account will be reported to the three credit bureaus, helping you improve your credit rating. Debit cards don't do this. And like unsecured cards, you must pay your secured credit card statements when they come in each month even though your security deposit is securing that line of credit. So are secured cards the black sheep of the credit card family? Absolutely not. A secured credit card can be a valuable financial tool -- it's just a matter of differentiating the myths from the reality.

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For more tips on secured credit cards, saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources. http://www.creditcardwhizkid.com/secured-credit-cards/

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Patricia Johnson Patricia Johnson Management Consultant
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