An offshore bank account with a credit card is a very powerful tool. In fact, having a bank account and credit card in the right country can be tremendously lucrative. 

For others, the combination of offshore bank account and credit card is a gross profit. Allowing them to run their businesses, make money, protect privacy or as a backup banking option.

Whatever the case, demand is increasing and for good reason. Unfortunately, the process of opening bank accounts abroad is often complicated and expensive, especially for those who do not have suitable information.

What are offshore credit cards?

Offshore credit cards are simply credit cards issued by a bank located outside your home country. For example, let's say you are a Canadian citizen residing in the Bahamas and have a U.S. bank account and credit card. You already have an offshore account and card.

American credit cards are the pinnacle of credit card greatness and great rewards. And foreigners, non-residents, businesses can acquire American credit cards, if they have the right information, banks and credit card strategies. But, here's why that's important.

The U.S. credit system offers the most attractive and generous credit cards in the world. Literally no other country in the world comes close. The bonuses and registration benefits offered with U.S. credit cards are 3 to 10 times higher than those offered in Canada, the UK, Australia and other countries.

For example, in the US it is not uncommon for new customers to be rewarded with $500 to $2,000 in sign-up bonuses after signing up for a single credit card.

To illustrate the value, someone with an entry-level salary and a decent credit score in the U.S. can easily earn more than 300,000 points per year through some timely sign-up bonuses and strategic spending habits.

Now, let's talk about why it is so attractive for foreigners or offshore companies to have a bank account with an offshore credit card.

There are hundreds of reasons, but after a thorough study these are the most common benefits and advantages that people look for:

 Get benefits, perks, travel rewards, free flights, and cash
 Avoid high FX fees and overseas transaction
 fees Withdraw funds through ATMs and shop online with credit card
 Eliminate expensive international wire transfers
 Easily pay for business expenses Use it as a backup bank account
 Ability to issue cards with different names (e.g., company, employees)
 No credit history or tax ID required (varies by country and card type)
 Build a credit history in a new country
 Place yourself by acquiring better letters in the future
 Send and receive money to different accounts
 Separate the business from personal expenses

Since we are talking about credit cards, you should know that there are two different types and Foster Swiss is going to explain them.

First we find the secured credit cards, it is a debit card, first you have to give a security deposit that will be between 100% and 200% of your desired spending limit. The amount required depends absolutely on the issuer and the country in which you open the account.

Then, no warranty credit cards are those issued by an offshore bank and are without warranty based on your credit history. You do not need to give money and you can use it from the second you have it in your hands, here the bank ensures that the account will be settled by your payment history and previous credit profile.

We cannot forget the fees

Each bank has a fee, although they are usually similar, each entity is unique and therefore before requesting it you must study well if the benefits are greater than the damage.

 Initial Setup Fee Annual
 Fees Monthly Charges
 Charges for Overseas Purchases (If You Use the Card Outside the Issuing Country)
 Currency Conversion Rates
 Replacement Card
 Fee Fraud Protection Fees

If you want to expand your information about the secret world of offshore credit cards contact the consultants of Foster Swiss, they are available to provide you with all the financial service you require. Remember that confidentiality and discretion are the adjectives that best represent us.