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Old 09.09.2020, 14:57
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Credit card on L permit

Sorry, if this has been answered elsewhere but i can only find older threads.

I've just been given an L permit which is slightly disappointing as i hoped i would recieve a B permit.

Anyway i spoke to UBS about a credit card and they said they can only offer a credit card if i tie up the value of the credit limit from my own funds (asset blocking i think they call it)

So they want CHF 5k tied up in an account i can't touch and then they will offer me a CHF 5k credit limit. Seems a bit OTT when there is also a fee for the card.

Is this normal and do i have any other alternatives here?

Many Thanks
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Old 09.09.2020, 15:11
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Re: Credit card on L permit

Both Migros and Coop offer CCs without an annual fee. Or perhaps ask UBS for a debit card that will allow you to build a credit history.

Or get a debit card like Revolut.
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Old 09.09.2020, 15:26
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Re: Credit card on L permit

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Both Migros and Coop offer CCs without an annual fee. Or perhaps ask UBS for a debit card that will allow you to build a credit history.

Or get a debit card like Revolut.
I totally agree with the Migros/Coop advice. At 0.3% cashback with no fee, they are the best free mastercards in Switzerland. Its easier to open a Coop card if you don't speak the local lingo.

Its also worth getting an Amex cashback card, as this offers 1% cashback also with no fee. You can't use it everywhere, but as there's no fee there's no downside in having it.
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Old 09.09.2020, 15:27
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Re: Credit card on L permit

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Sorry, if this has been answered elsewhere but i can only find older threads.

I've just been given an L permit which is slightly disappointing as i hoped i would recieve a B permit.

Anyway i spoke to UBS about a credit card and they said they can only offer a credit card if i tie up the value of the credit limit from my own funds (asset blocking i think they call it)

So they want CHF 5k tied up in an account i can't touch and then they will offer me a CHF 5k credit limit. Seems a bit OTT when there is also a fee for the card.

Is this normal and do i have any other alternatives here?

Many Thanks
Can you not get a pre-pay credit card like Revolut and just top it up on a monthly basis?
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Old 09.09.2020, 15:53
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Re: Credit card on L permit

Since they are going to block your money anyway, (and this is not unique to you, my son, Swiss, but just starting out in life, and also with UBS, had to do the same) just go with a debit card and open a Revolut account. You'll save yourself the cc fee and be free to use your money as you wish.

When my son went into the bank to cancel his card, he mentioned he was now going to use Revolut, the bank then tried to persuade him to keep the cc, pointing out the advantages, and /or use their debit card instead. He said, release the blocked amount and I'll be pleased to. They didn't so out he walked!
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Old 09.09.2020, 16:34
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Re: Credit card on L permit

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Can you not get a pre-pay credit card like Revolut and just top it up on a monthly basis?
A pre-pay credit card is a debit card.
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Old 12.09.2020, 12:34
jsn jsn is offline
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Re: Credit card on L permit

Do you have a checking (debit) account with UBS? I was issued a creditcard without issue on a L permit, but I also opened a checking account for my salary so maybe they didn't mind.

It seems to vary, the first UBS branch I visited said no for a credit card, went to another branch and they said yes, go figure

AMEX was denied though and they wouldn't budge.
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