Expats, what's your credit card experience

[Anonymous]

I might soon join expats so wonder about their experience using US CCs in foreign lands.

What do you use and do you encounter any difficulties. Thx!

[M_Smart007]

Tagging @expatCanuck for possible answers.

[K-in-Boston]

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@M_Smart007 wrote:

Tagging @expatCanuck for possible answers.

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OP has US-issued credit cards; pretty sure they are referring to the opposite direction.

While I don't live outside the US, for the most part this will the same as traveling in general (just obviously very prolonged or permanent) as long as you plan to maintain a US bank account for payment.  As with travel, your experience is going to be very different depending on where you are planning to move.

[expatCanuck]

Stated another way ...

Using a US-issued card abroad -- typically not an issue (as long as you inform the issuer).

Keeping a US-issued card if you change domicile -- a whole 'nother smoke.

[C6]

I lived offshore a few years back and for the most part I had no problems banking yet most was done with credit unions. You will need to maintain a US address and preferably a US phone number (Google voice will work). Some banks will close your accounts if they find out you're permanently offshore, while others don't seem to care. I recommend either Fidelity or Schwab for cash access. Mostly things were smooth but I had a few fraud alerts where my card was locked down until I called fraud prevention. This only happened a few times. As far as opening offshore accounts that is another thing, be prepared for a lot of headaches. I still have offshore cedit cards and banking but they were not easy to get if you're a US citizen.

[Anonymous]

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@C6 wrote:

I lived offshore a few years back and for the most part I had no problems banking yet most was done with credit unions. You will need to maintain a US address and preferably a US phone number (Google voice will work). Some banks will close your accounts if they find out you're permanently offshore, while others don't seem to care. I recommend either Fidelity or Schwab for cash access. Mostly things were smooth but I had a few fraud alerts where my card was locked down until I called fraud prevention. This only happened a few times. As far as opening offshore accounts that is another thing, be prepared for a lot of headaches. I still have offshore cedit cards and banking but they were not easy to get if you're a US citizen.

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Could you give me some examples of those banks? I was thinking using my US issued credit cards in South Korea. Checking acct associated with those CCs is Hanmi bank(AmeriKorean) in LA.

[C6]

Most of the larger banks (Chase, citi, B of A, etc.) will shut you down if they learn that you have moved offshore. As I said earlier, you need to keep a US address and possibly rotate the cards. Smaller banks and credit unions don't seem to mind but I wouldn't advertise it. Just keep a US address and phone and an account or two to pay bills and you will likely stay under the radar. Good luck.

[Anonymous]

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@C6 wrote:

I lived offshore a few years back and for the most part I had no problems banking yet most was done with credit unions. You will need to maintain a US address and preferably a US phone number (Google voice will work). 

As far as opening offshore accounts that is another thing, be prepared for a lot of headaches. I still have offshore cedit cards and banking but they were not easy to get if you're a US citizen.

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Just as a warning, Google Voice may not work for every bank.   My daughter has been living in the UK for three years, using our home address for her US issued credit cards.   The Altitude Reserve is a very useful card in the UK (as mobile pay is EVERYWHERE) so she is particularly careful about this.  While Google Voice IS ok for Real Time Rewards, it is not accepted as your contact number.  So we've kept a cheap phone line (e.g. Tello) just for a US Bank number, and every now and then I get a message from my daughter that she needs the code on that number (it's generally needed for access to the account rather than fraud detection)

As for opening accounts as a US citizen, sadly true as the US cracks down on tax avoidance/evasion (and money laundering), foreign banks are pressured provide info on US citizens to US authorities.   When my daughter (dual citizen) opened her first account, they said at the end "Oh, and just sign that you aren't a US citizen or US tax resident" and she had to explain that she was.  They allowed her to open it, perhaps because most of the work had been done, but I've certainly read stories where things didn't go so easily.

[Anonymous]

I'm not a citizen but a permanent resident(citizen of South Korea): will this make much difference.

[xenon3030]

I guess not every bank would support it and not sure whether it is feasible to login to some banks from abroad (or even using VPN). One example is BOA and even when I am here, I cannot login to it, if using VPN. It seems that they do not like VPN and customer data protection by the customer!!!

I know some people went for ~1-2 years to east Asia or Europe as expat (the same employer). As long as it would be temporary, it should be fine but if it is going to be permanent, the situation would be very different. Depending on your destination, you may apply for a few cards there and it should not impact your credit score here . Anyway, outside the US, the majority of cards have no or very limited rewards.