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Step 1
Decide what type of credit card account you need. Will you be using the card for personal reasons or for business? Setup fees are usually more expensive when used for a business. For example, Capital Conservator charges $250 for a personal account, but business accounts start at $500.
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Step 2
Decide whether you need a debit card. Debit cards come in handy because you can draw money directly from your account. They work just like credit cards except you can only access funds that are in your account. When you open an offshore credit card account, you are given the option of a debit card. There is a separate setup fee associated with this card.
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Step 3
Enter your primary contact information. You will need to give your name, address, and phone number where you can be contacted. Most companies also require you to provide a notarized copy of a photo identification, a copy of the picture page of your passport, a recent utility bill to confirm your address and a bank reference letter of letter from lawyer or accountant. This is because offshore credit cards aren't meant for the average person. They are meant for people who travel a lot and deal with international financing.
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Step 4
Pay the administration and setup fees. These vary among credit card companies. You can pay online by using another credit card or pay offline with a money gram or through Western Union.
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Step 5
Put up a security deposit as collateral. Almost all offshore credit cards are secured cards. You can usually only get an unsecured card when you are a long-term customer in good standing with the company. Otherwise, if you see a credit card offer that is unsecured, it is most likely a scam. There is no credit check required, but because these offshore cards create a higher risk for the company, the deposit is rather hefty. Expect to pay approximately 125 to 150 percent of the line of credit requested. Some companies even charge as much as a 200 percent deposit.
