Investec Private Bank has launched Capitol Card, a charge card using a Luxembourg settlement jurisdiction rather than one in the UK. The ban...

Investec Private Bank has launched Capitol Card, a charge card using a Luxembourg settlement jurisdiction rather than one in the UK. The bank believes this will appeal to UK-resident non-domiciles because of the inherent consequences of unnecessarily remitting funds onshore.

With no Investec branding, it is intended to provide discretion and confidentiality. It offers a guaranteed 30-minute turnaround for any temporary credit limit increase, plus a dedicated multi-lingual helpdesk.

Available as a Visa or MasterCard, the card is chip and PIN enabled. It has an annual fee of €75 ($94) with a credit limit according to a client's specific needs. Clients are also able to access travel and accident insurance.

Investec Private Bank in Guernsey will automatically facilitate settlement of each client's balance at the end of each month and debit their accounts accordingly. No interest is charged on cash withdrawals or on card debts during the month, although a 2.5 per cent charge is levied on cash withdrawals.