Legal Question in Credit and Debt Law in California

Credit cards

I am considering doing some trading business outside of the U.S. and want to take a cash advance from my credit cart for the amount of $50,000. My concern is if that would be legal think to do considering that I am borrowing the money to take it outside of the country?

Thank you very much for your time.


Asked on 6/05/07, 7:21 pm

2 Answers from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Credit cards

Most credit cards will work just fine outside the US, and you will save exchange fees by making purchases or withdrawing cash in whatever local currency you will be using. Taking $10,000 or more across the border requires that you report this fact to US Customs, which may result in your being hassled, questioned, and/or placed on watch list(s).

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Answered on 6/05/07, 7:45 pm
Jonathan Stein Law Offices of Jonathan G. Stein

Re: Credit cards

If I understand this, you want to take out $50,000 in cash advances and send the money overseas? I would advise you against this for two reasons. First, you can get a loan at a lower interest rate than you will pay on the credit cards. Second, if you send more than $10,000 cash, you need to declare it with customs. That could cause you problems.

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Answered on 6/05/07, 11:16 pm


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