Card for use outside Canada
I have a friend (outside Canada) that operates a business with spend with business suppliers, travel etc. A local credit card has high fx fees when buying items in USD. I am considering ordering a card and adding my friend as a supplementary cardholder so he gets a card and can use but I am responsible for payment (he will send me payment each month) and I can collect points or cash back.
I trust the friend but want to make sure this won’t cause a problem from a KYC/AML perspective if transactions originate outside Canada most of the time or when large payments are sent to me to pay the card. I am comfortable explaining to the bank ahead of time as the use of the card is for legitimate purposes.
Any risks or liability of card charges that I should consider (other than friend not paying me back)? Any good card recommendations- preference for cash back with no max and relatively high spend (non revolving as we will pay off each month so interest rate isn’t a concern)? Would also prefer no annual fee but ok with it if it allows for a high cash back with no max card.
Thanks.
I trust the friend but want to make sure this won’t cause a problem from a KYC/AML perspective if transactions originate outside Canada most of the time or when large payments are sent to me to pay the card. I am comfortable explaining to the bank ahead of time as the use of the card is for legitimate purposes.
Any risks or liability of card charges that I should consider (other than friend not paying me back)? Any good card recommendations- preference for cash back with no max and relatively high spend (non revolving as we will pay off each month so interest rate isn’t a concern)? Would also prefer no annual fee but ok with it if it allows for a high cash back with no max card.
Thanks.