Private Bank Card
Instant Access to Your Private Funds
A private bank card is a bank card linked to a private bank account. Private bank cards typically come in the widely recognized brands, such as VISA and MasterCard. While they function essentially the same as a traditional bank and credit cards from a merchant's point of view, the holder of the card typically has the card linked to a private bank account held in a private bank, often in a private financial center.
What is the advantage of a private bank card?
The primary advantage to the holder of a private bank card is that it provides convenient, direct access to his private bank account. In the past, the time and expense involved in completing private bank wires, and private bank transfers meant retrieving smaller sums of money from a depositor's private bank account was difficult. If the private bank account holder wanted to withdraw funds, he would either pay a disproportionately large percentage of his withdrawal in fees, or be forced to move a larger sum to his or her domestic bank account.
How do private bank cards work?
Private bank cards work almost identically to domestic bank and credit cards. The cards typically have a Visa, MasterCard or Bank Card label, are accepted at more than 14 million locations worldwide and provide cash advances like domestic atm cards at several hundred thousand automatic teller machines and banking institutions around the world.
Despite their similarities, some differences exist between domestic and private bank cards. The vast majority of reputable private bank cards are "secured" cards. They require private investors to provide a security deposit with their application for the card and therefore do not require private investors to go through credit checks. The amount of the security deposit varies between institutions, but normally ranges from 125% to 150% of the credit line requested (e.g. at 150%, a credit line of $20,000 requires a security deposit of $30,000), although some issuing institutions require security deposits as high as 200% of the credit line requested.
The solution that we find superior, especially for those who need higher limits for their private bank card is the MC Debit card.
There are two big advantages to this type of card.
Click here if you'd like to open a private banking account with your very own high-limit private bank card.
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