Living abroad tips and hints for money savers

EdInvestor

pbradley936 wrote:

Your deposit will even earn interest.

Kind of them What's the APR on these accounts BTW? (US banks have never been known for their loving kindness to their customers )

Mrs_pbradley936

EdInvestor wrote:

Kind of them What's the APR on these accounts BTW? (US banks have never been known for their loving kindness to their customers )

I don't know but wearside is after a US credit card which is hard to get without a Social Security number (every US citizen has one). I have had a US credit card for 10 years and to get mine had to deposit a sum for a set time which became the banks if I did not pay up the card. So the interest rate is not the main issue - the issue is how to get the bank to give him a card. You can of course use a UK based card and you would if you were only there for a week or so but wearside is there for several months and they really hit you with the exchange rate on every transaction.

You are totally right about the US banks in general but few of their people invest because they are encouraged to spend to keep the economy turning over. I do not know many Americans in middle age without mortgages but I know plenty of Brits that are all paid up. If you are a Florida residant you do not even pay income tax! (Well there is a Federal income tax) They get the bulk of their tax take from the tourist industry.

Mrs_pbradley936

Wearside if it gets really difficult to the point where you cannot be bothered ask Suntrust for a check card which we would call a debit card. You then have the ease of use of a card if not the month or more time to pay up.

wearside_2

pbradley936 wrote:

I just found this:-

If you have had problems obtaining attractive unsecured credit cards, then we suggest that you consider our featured Orchard Bank Secured MasterCard. This secured credit card is an excellent way for you to rebuild your credit or establish credit. This MasterCard works just like any other credit card and will actually report to the credit bureaus just like any other credit card.

The only difference is that you must open a savings account. Upon approval, you are guaranteed a credit line equal to 100% of your savings deposit. Your deposit will even earn interest. Features a low annual fee of $35 and a secure online application. No processing or application fees. Reports to all three credit bureaus each month.

If you prefer an unsecured credit card (and are willing to pay higher fees), then consider the Orchard Bank Unsecured MasterCard. This card is designed for consumers seeking to reestablish their credit. Offers an annual fee as low as $0 and a secure, online application - unsecured credit card application. Rebuild your credit. Reports to three major credit bureaus every month.

Thanks for this information. I started to complete the form online but again the issue of not having a valid SSN cropped up. The site says in their terms and conditions:

In order to apply for a credit card, you must be at least the legal age in the state of your residence, your annual salary must be at least $12,000 (for an unsecured card), you must have a telephone in your residence and you must reside in the United States and have a valid social security number. Credit approval will be determined upon review of a current credit bureau report and other information bearing on your creditworthiness. You may be notified of our credit decision by mail.

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Rate InformationWhat is the Prime Rate?
The Prime Rate is the Index used to calculate the interest rates on variable rate accounts. For each billing cycle, the Index is determined in the month prior to the month in which the billing cycle ends. In that prior month, the highest Prime Rate published in The Wall Street Journal is selected (the "Index"). If the Index has changed, the new variable rates will take effect with the billing cycle that ends on or after the first day of the month following the Index change.

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What is a Variable Rate?
A variable rate is a rate that can change because it is based on an Index. For each billing cycle the Index is determined in the month prior to the month in which the billing cycle ends. In that prior month, the highest Prime Rate published in The Wall Street Journal is selected (the "Index"). If the Index has changed, the new variable rate will take effect with the billing cycle that ends on or after the first day of the month following the Index change. For example, if the Prime Rate used to determine the Annual Percentage Rate was 9%, which if added to a Spread of 9.99%, would result in a variable Annual Percentage Rate of 18.99%. (Sum of the Prime Rate and the Spread.)

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Can the Prime Rate go up or down?
Yes, the Prime Rate can go up or down

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If the Prime Rate goes up or down, when does it affect my statement?
If the Prime Rate (Index) goes up or down, the new variable rate will take effect with the billing cycle that ends on or after the first day of the month following the Index change.

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What is a Default APR?
The Default APR is the rate charged on your entire account balance if at any time your Minimum Payment is received after the Payment Due Date or you exceed the credit limit on this Account.

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See our Security FAQs

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Card SecurityCard Security

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Secured CardWhat is a Secured Card?
Secured Cards are credit cards that require a savings account to be established as collateral for the credit card. They are an excellent way to establish a positive credit history and are designed especially for people with no credit history, or who have experienced past credit problems. Household Bank secured Credit Cards look and work just like any other credit card. Only you and HSBC will know that the card is secured.

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How do I get a Secured Card?
We'll recommend a specific MasterCard that best fits your needs and credit profile based on the information you provide us from the inquiry form and your credit history, in addition to a Secured Card.

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How can I qualify for a Secured Card?
Even if you have no credit history, or your credit history is less than perfect, you have an excellent opportunity to be approved for a Household Bank secured card. These are our general guidelines:

Legal age in the state of your residence,
A telephone in your home,
Reside in the United States

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What will my Credit Limit be for a Secured Card?
With an Orchard Bank secured card, you set your own credit limit! The minimum deposit required is $200, with a maximum deposit of $15,000, and your credit limit will be equal to 100% of your deposit.

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Can I add to my Savings Account to increase my Credit Limit?
Yes. At any time after your account is opened, you may send in deposits of $100 or more in increments of $100 to add to your secured savings account. Each addition to your savings account will increase your credit limit dollar for dollar.

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Can I withdraw money from my Savings Account?
The savings account acts as collateral for your Secured Card, so you may not withdraw money from the account while your credit card is secured

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It is obvious that you obtained your card before all the increased security came out over here and also in the UK. I will continue my search. I have a debit card but that of course does not build up any financial history over here. With regards to getting a credit card, my wife says I am now like a dog with a bone:D

Mrs_pbradley936

Yes I have had my card for a few years now and it was linked to a savings account. I think I mentioned that we also used to have drivers licences but they made those void unless you got one every time you came into the country. You only had to turn up at the Highway Patrol Office no appointment needed but if it was crowded you might want to come another time. Then look into a computer and read off a few things that checked your eyesight and whether you knew a few road signs. The test, by a patrolman in an automatic car consists of driving him round the block an reversing between two tyres about 20 feet apart.

wearside_2

Hello again! Thanks for the information. I went into the local Citigroup office and the helpful lady telephoned their credit card office, who said because of my connection with them in the Uk there would not be a problem getting a credit card. I have now spent quite a long time talking to Citibank regarding a secured credit card, which I have now learned is the type that you originally had! They obviously say that I cannot have a card but if I go into a branch I MAY be able to get a secured card that may have an annual fee. He was unable however to even tell me if there were any branches in Florida, never mind Tampa! Having checked their website, the nearest one is in Palm Beach Gardens, some 160 miles away from Zephyrhills!

I am beginning to get used to banging my head against this brick wall.:mad: :mad:

Mrs_pbradley936

I don't know what to say!

wearside_2

You seem as speechless as I am:lipsrseal My own bank in the UK, Citibank where I have a Dollar account have said that they will send me an application form for a US$ credit card. This of course, is no use in trying to get some form of history over here. I am resigned that I will not get any sort of financial history despite having and paying property taxes and insurance, monthly bills to the power people, water people, telephone company, garbage, buying, owning, insuring and tagging a car, having a US bank account and using my debit card on a regular basis. It's hard to explain to the Americans we meet that there are so many restrictions on UK citizens. I tell them that it must be due to the special relationship between our two countries:rotfl:

To cheer us up, we are going to Treasure Island next week for four days, as the weather forecast is good. Knowing the way I am at present, I will probably be taken prisoner by Long John Silver :rotfl:

noodledoodle47

Hi
would love to live abroad and thinking of moving to Italy.
anyone out there with any advice.

gunnyandbob

Hello there. you may be interested to know tonight I attended our regular FREE Spanish lesson (3 X 2 Hrs per week) and the cultural input included the cost of schools providing an extra teacher for foreign children to learn English.
And this is in a small rural village.It may help to get the 8 Michel Thomas cd's teaching Spanish...and some books too explaining the grammar clearly. A lot of us use 501 Spanish Verbs ( Barron's Educational Series, Inc. ) and I've found Spanish Verb Tenses by Dorothy Devney Richmond to be very helpful.

You will be better off if you can use some Spanish when you want materials.Its a fantastic moment the first time you succeed on the phone!
The local suppliers are usually no dearer, and you can establish a good understanding with them. ( We have nearly completed the second of two house "shells" ).

I have found the most exasperating times were down to the paperwork chase, e.g.five visits to the electricity company last May to change over from "works " electricity to a meter. How hard can it be to pay your bill??
We also know someone who has'nt paid an electric bill for TWELVE YEARS.

Best of luck, and it does'nt fall your way without an effort on your part..