Foreign Credit Card Offers FAQS

So far apart from arguments about the growing need to adopt chip and PIN technology, the only actual steps were taken by United Nations Federal Credit Union. In spring it announced that it is going to start issuing EMV-compliant cards to its customers who live or travel frequently overseas. All major U.S. credit card companies continue issuing traditional magnetic strip cards. U.S. is still behind in regards to Chip and PIN technology which can and already does create problems for U.S. travelers, as you obviously know from your own experience, even though most terminals should still accept both card types.

Generally for credit card accounts issuing banks use currency of the county they are located in, for example if you apply for a credit card from American Express in UK, you will have a pound sterling account, Euro will be used for Belgian credit cards, Canadian Dollar for Canadian, etc. Though some foreign issuing companies may offer U.S. Dollar Credit Cards which maybe convenient for those who live in U.S. for a long period or travel there frequently, they help avoid fluctuating currency exchange rates and currency conversion fees.

Unfortunately you cannot transfer your credit history you have built in another country, since credit bureaus work differently, legislation is different and there are technical barriers. What you can do is try to contact banks that operate in both countries and that might consider your credit report from U.K. or use your work or friendship relationships to get a credit card with better terms. If this fails, you might have to start building your credit history from scratch.

If you wish to apply for a credit card in U.S., most likely you will need to start building your credit history again even if your credit history in Canada is good or excellent. Credit reports and credit histories cannot be transferred from one county to another for different reasons of legal, contractual and technical nature.