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Diversify Your Credit Cards with China UnionPay

China UnionPay ATMAugust 26, 2014 | by Steve McCurdy

An Offshore Option that is Safe from Uncle Sam

As you know we strongly recommend that you diversify your assets politically by moving some of them to offshore political jurisdictions. This is not because we think that any particular jurisdiction is safer than any other one, but rather because it’s just smart to spread your political risks among multiple countries just like you spread your securities investments among several stocks.  

The China UnionPay Credit Card

In our recent post “Government is Coming” we advised you to open an offshore bank account, and today we are recommending that you acquire a credit card that is beyond the reach of Uncle Sam. Just a few weeks ago Visa and Mastercard froze credit card transactions of certain Russians in response to American economic sanctions imposed during the Ukranian standoff.  Regardless of whether it was right or wrong politically, this action proved once again that your credit/debit cards can be frozen at the flip of a switch. Unless, that is, you have a card that uses a non-American payment processing system.

One card that is now widely accepted and growing exponentially in popularity is the China UnionPay card.  Known as “CUP,” the China UnionPay network is the world’s second largest The China UnionPay Credit Cardpayment processing network, behind only the Visa network. The cards are accepted in more than 140 countries, including the United States.
Your CUP card works just like any of your other cards wherever it is accepted. All US banks that subscribe to the PULSE network accept UnionPay, and UnionPay has a reciprocal working arrangement with Discover Card whereby merchants that honor Discover cards also honor the CUP Card.

Apply for your China UnionPay Card

You can apply online for your China UnionPay credit card at the HSBC site here. The initials HSBC stand for “Hong Kong and Shanghai Bankings Corp.” HSBC was founded in 1865 and is currently the world’s second largest bank, with primary headquarters in London, Hong Kong, and Shanghai.  If you need proof that your CUP card is safe from US capital controls, just consider that Russia has now turned to CUP to insulate itself from further American sanctions.
To learn about additional offshore investment and banking opportunities, go here, here, and here.

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