# Foreign credit cards



## lat19n

I do my own taxes using my brain and TurboTax. I file FBARs as well as 8938s mentioning (honestly) all of our numerous foreign accounts. 

Am I required to report a bank credit card which earns no interest and for which I have never paid interest ? I also have a credit card for a local large store (which can only be used at that store) which is associated with a bank. I have never reported either of those two cards...


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## Bevdeforges

Honestly, I wouldn't bother. The 8938 form asks for "specified foreign financial assets." A credit card is not an asset - it's a liability. Credit cards also don't need to be reported on your FBARs. 
Cheers,
Bev


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## Moulard

Agree with Bev here... and to close the loop it wouldn't be reportable on the FBAR either in almost all circumstances...

While not technically about the reporting status of credit cards... there is an memorandum that discussed the question of whether either a “secured” offshore credit card account or a credit card account in which large advance payments were made, resulting in positive balances in the account, could be a financial account for FBAR reporting purposes..



> We also believe that a debit card account is a financial account. If a card agreement requires that advance payments be made to cover anticipated charges, then the card is a debit card, not a credit card, and a debit card would be a financial account for FBAR purposes.
> 
> If, however, by making advance payments, the card holder was using the credit card account as a debit card or a checking account, then an argument could be made, depending on the facts and circumstances of the particular case, that the credit card account was a financial account for purposes of the FBAR reporting and recordkeeping requirements.


In short, if you are using it like a credit card, and it is a line of credit its not financial account either on the 8938 or the FBAR.


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