Getting new Credit Card while abroad

[masterK]

My sister is currently in Australia and has built some some debts on her credit card and will not even attempt to clear it until she gets home. She doesn't even pay the minimum amount each month, the min. amount is now €450.

My first thought was for her to get a new credit card that offers an interest free period and transfer the balance off her current card. How practical is this in reality? Has anybody ever done similar? I'd imagine she will need recent payslips from a job based in Ireland to apply.

 

[Ravima]

Best advice would be to cancel the card. if no payments are being made or the minimum cannot be met, she has a problem and the sooner she sorts it out the better. The last thing she needs is a new card. This might not be the answer you are looking for, but it is assistful.

 

[majik]

I would like to post a similar question, so I didn't bother starting a new topic.

I have just moved abroad to work on a temp work permit in Canada. I still maintain and use accounts in Ireland (including Visa), I still maintain an Irish address (my parents home). All accounts are in good order too, with no outstanding debts or balances. I only moved abroad in July. I was previously fulltime employed in Ireland and am full time employed in Canada earning exactly as what I did in Ireland.

I was wondering what would be the procedure, if any different, to apply for a card while I am abroad, but obviously using my Irish address. Would the bank have any problem with this. I am not a permanent resident in Canada ( as I am on temp work permit), so technically I am still a permanent resident in Ireland. I would like to apply with a different bank as opposed to my own (PTSB), should there be any problem. I am currently looking at the BOI/Amex Blue CC, as it is a card that could be transferred to a Canadian Amex in the future if I ever become a Canadian resident.

 

[EvilDoctorK]

I would guess that the bank would have a problem with your employment details on the application if you put a salary in C$ and an employer with an address in Canada - I would have guessed that would at least put a red flag up on your application.

Besides anyway - if you've already got an Irish credit card in good working order why do you want another - it's an extra €40 stamp duty and ~3% forex penalty for using it in Canda - and the hassle of paying your bills from over there - Assuming your being paid in Canada you have to transfer money to € to Ireland to pay your credit card bill - so you'll lose on the exchange rate twice in fact - so everything is going to cost you at least 5% more ... Would it not be better to try to get a Canadian card or if that's not possible at least some sort of canadian accounts to build up credit history - a debit card ?

 

[majik]

As you say i would put a red flag on the application, fair enough, I mean I can put amounts in euros etc and all I can do is provide them with contact details for my employers etc. But my main point in posting was whether or not the application would be rejected on this alone. A red flag is one thing and I'm sure BoI would obviously look at this application in-depth a bit, but considering I would have a decent enough ICB rating (six years on TSB visa 100% balance paid every month), would you think I'd be approved for the card?

The cost of transferring funds is irrelavent, currently the forex rate is favourable for a euro CC and using XEtrade I can get great rates on a 30day or flexible forward basis.

However the main reason to get this card is to boost a Canadian credit rating, you may ask how?

I currently have accounts here in Canada, current and a VISA. However to obtain the VISA as a non permanent resident I had to supply a security desposit equal to my credit limit. To begin with I handed over $1000. This is then placed in fixed term investment account @ 3.30% (not bad). However this money can never be used as credit, it is just there as a security nothing else. You then get a card with a $1000 limit and use as normal. Obviously to get a higher limit you need to deposit a larger sum. This money would only ever be released to me if 1. I closed my VISA account or 2. I became a legal lawful permanent resident of Canada (currently temp resident).

However AMEX operates a system whereby if you currently hold an AMEX card in another territory then you can apply for a 'Global Transfer' of your card to the territory you now live in (not neccess. permanent) If for example I held a BoI Blue AMEX CC for lets say 6 to 9 months then I apply for this transfer, they will then offer offer a similar card (not always the same cards) in the new territory, be it Canada the UK or the US. They will then give you an UNSECURED card!

I am still doing research on the whole global transfer business cos BoI is a licensee and you do not deal directly with an AMEX Ireland type company.

As you can see it is a convoluted business and getting credit in Canada is extremely tough, a lot harder than Ireland. If I had a few little legups along the way, the more the better, plus I don't mind paying for them too!


majik

BTW all ATM cards in Canada are automatically debit cards, using their Interac (Laser) system, you cannot gain any credit rating with this. Much better than Laser too, more people use interac than cash

 

[EvilDoctorK]

Sounds fair enough - you've certainly done your homework on that one

Only thing I'd dispute is

The cost of transferring funds is irrelavent, currently the forex rate is favourable for a euro CC and using XEtrade I can get great rates on a 30day or flexible forward basis

The forex rates for credit cards are loaded (I think 2.75% is standard for most Irish cards) ... the €/c$ exchange might be good at the moment (but next month it mightn't be) .. but you're still being done if you earn salary in Canada, spend your money in Canada but pay your bills for it through € ... no matter how good a rate you get you're losing out.

Incidentally Amex are usually even higher Forex loading - 3+% I think - certainly Amex UK

No idea about whether BOI Amex cards would qualify ... I think you can get real Amex cards in Ireland too though .. they do a € denominated international card which you could probably get.

 

[majik]

Didn't realise do they did an international euro card as well. Thanks for that

Had a poke around on their website, they also also do a US$ international card too.