Until a recently, the typical offshore investor did not have access to the payment convenience and flexibility associated with a credit cardat least not from the standpoint of accessing and spending the money he or she had safely placed offshore. Consider the predicament of yesterday’s offshore investors seeking to access smaller amounts of money residing in their offshore bank accountssay, under $10,000. If those individuals wanted to use offshore funds to make a purchase while living in North America or traveling abroad, they would have to personally withdraw funds from their offshore bank or have money wired to bank accounts where they lived.
Offshore credit cards have greatly facilitated the use of money held in offshore accounts. Offshore institution-branded Visa and MasterCard credit cards have ushered in a whole new realm of payment flexibility and convenience for today’s offshore investor, but they are products that still require careful consideration and research.
How do they work and what do they cost? How secure and private are they? What are the possible pitfalls and ramifications associated with using these cards?
How they work...
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