I wasn't able to find a dedicated topic to offshore credit lines for U.S. citizens, so I figured I would start one.
The majority I've looked at use the same payment networks (e.g. mastercard, Amex, visa), but are Geo fenced to specific country residents.
A few, open the doors to personal credit lines to citizens of other countries, effectively making them a technical offshore lender.
The 3 I'm looking at currently are:
HSBC Premier (UK)
RBC Rewards (CA)
Barclay AARP (UK)
There's more, but it seems the U.S. has the best cb and rewards programs.
Aside from the weak rewards using an offshore credit lender, the benefit (hypothetically) is that an offshore account may be an emergency option, even using the same payment networks. In the event the u.s. economy tanks and/or u.s. based credit lines become unstable (e.g. like what's happening with Comenity).
In that perspective, does it make sense to have a couple offshore credit cards (just in case)?
And if so, who are some other credit lenders offshore from the U.S. that cater to u.s. citizens that i didn't list above?
Note: There's lots for international business, but I'm only interested in Personal Credit lines, not business loopholes.
A few of the larger lenders within the top 50 largest asset portfolios internationally, seem to not be too hard to set up a credit line with (e.g. Barclay's).
Others look like titanium plated walls to run into (agreed).
Just interested in 1 or 2 offshore credit lines (for piece of mind), which I can accomplish with what I found so far.
I suppose I was hoping there were some Expats/Nomads browsing that may have some dealings with lenders I missed in my initial research run to look at.
@core wrote:If things are that bad that NONE of your USA-based cards are working, I'm wondering if your UK-based Visa/MC will fare any better? Plus, if things are really that bad, what are you planning on buying? Seems a bad time to go out and buy a new color TV set, if all the banks in the entire country go Tango Uniform.
For your groceries/gas/clothing/essentials, you could always, you know, "pay for it"? *gasp*
Yes, paying for it in full each transaction or statement is an essential key to credit building, however. I'm onto the next set of goals now.
Since I already pif (cash or credit), have Retirement accounts set up, multiple revenue streams coming in, multiple direct deposit sources automated, and generally stay well under 15% Utilization, next on my list is a PLOC (which should be in Feb 2023) and initiating offshore relationships that could grow or scale into something more meaningful.
I'm not suggesting an offshore credit line to avoid paying cash. But more for plan C contingency and relationship building.
@Anonymous wrote:
@Drifter73 wrote:I wasn't able to find a dedicated topic to offshore credit lines for U.S. citizens, so I figured I would start one.
The majority I've looked at use the same payment networks (e.g. mastercard, Amex, visa), but are Geo fenced to specific country residents.
A few, open the doors to personal credit lines to citizens of other countries, effectively making them a technical offshore lender.
The 3 I'm looking at currently are:
HSBC Premier (UK)
RBC Rewards (CA)
Barclay AARP (UK)
Where do you see Barclays AARP in the UK? They certainly do offshore banking, with US being covered, but needs the GBP 100K minimum.
Barclay's is headquarted in London, which technically makes them a UK based institution. The AARP Travel Rewards card is the only one in their lineup that interests me and other than being a technical offshore lender for me. I liked the 3% travel category that covers campgrounds and rv parks.
Though I'm starting to hear more people suggesting to avoid Barclay's. So may dig deeper into RBC Canada and scan a few other countries with long lasting treaties with u.s.
Here's a direct link to the Barclay's AARP I was referring to that you requested to see: https://cards.barclaycardus.com/banking/cards/aarp-travel-rewards-mastercard/