Purchase credit cards abroad - 10 Top Tips for Using Your Card Overseas
Mike Gracia
April 09, 2008
Having the use of a credit card whilst abroad can give you lots of freedom and peace of mind. The knowledge that you are not carrying lots of cash with you and, for example, the ability to hire cars (many hire companies require a credit card to leave a deposit).
Unfortunately however, if you are not careful about your purchase credit card usage whilst abroad then you may have a nasty shock when your next card statement arrives!
We have put together a mini guide to help consumers avoid getting into trouble:
1. Many card companies add a loading fee to the exchange rate if you use your card abroad. The exchange rate loading fees can be around 2.75% of any total purchase. These fees can be avoided by shopping around for a card that does not have them.
2. It is always advisable to read your terms & conditions very carefully, as often card companies do not even put details of loading fees you have been charged on your statement.
3. If you need to make a cash withdrawal whilst abroad, always try to use your debit card instead of your credit card. The fees involved tend to be much less. Usually credit card withdrawals incur a percentage fee for withdrawing, whereas most debit cards, if anything, incur a set charge (often around £1.25p per transaction)
4. Despite all this advice, it´s still not advisable to leave your credit cards at home. They offer a safe, reassuring payment system that are accepted in most countries, and can be invaluable in an emergency.
5. Make sure you let your bank know that you are going abroad; if not then they will probably block your card when they see transactions overseas. This seems to be standard anti fraud protection these days.
6. Better exchange rates can often be had by paying in the local currency. Normally the option choosing the currency you pay in is displayed just before or after entering your pin.
7. Not all, but some overseas banks will charge you for making a withdrawal, so check around, and if possible choose one that doesn´t
8. Switching to better credit or debit cards can save you lots of money on your holiday spends, so if planning a long break, or multiple breaks consider shopping around for the best card to take with you… i.e. One without the afore mentioned charges!
9. As a final note, we would like to remind consumers that, just as when you use your credit card or debit card in your own country, it is very important to cover the keypad while entering your PIN. Also if you suspect a cash machine has been tampered with then do not put your card or PIN into the machine.
10. If all this sounds like hassle, do remember that the use of credit cards abroad may save you a lot of trouble in an emergency.
The Above article is copyrighted to http://www.creditchoices.co.uk
Unfortunately however, if you are not careful about your purchase credit card usage whilst abroad then you may have a nasty shock when your next card statement arrives!
We have put together a mini guide to help consumers avoid getting into trouble:
1. Many card companies add a loading fee to the exchange rate if you use your card abroad. The exchange rate loading fees can be around 2.75% of any total purchase. These fees can be avoided by shopping around for a card that does not have them.
2. It is always advisable to read your terms & conditions very carefully, as often card companies do not even put details of loading fees you have been charged on your statement.
3. If you need to make a cash withdrawal whilst abroad, always try to use your debit card instead of your credit card. The fees involved tend to be much less. Usually credit card withdrawals incur a percentage fee for withdrawing, whereas most debit cards, if anything, incur a set charge (often around £1.25p per transaction)
4. Despite all this advice, it´s still not advisable to leave your credit cards at home. They offer a safe, reassuring payment system that are accepted in most countries, and can be invaluable in an emergency.
5. Make sure you let your bank know that you are going abroad; if not then they will probably block your card when they see transactions overseas. This seems to be standard anti fraud protection these days.
6. Better exchange rates can often be had by paying in the local currency. Normally the option choosing the currency you pay in is displayed just before or after entering your pin.
7. Not all, but some overseas banks will charge you for making a withdrawal, so check around, and if possible choose one that doesn´t
8. Switching to better credit or debit cards can save you lots of money on your holiday spends, so if planning a long break, or multiple breaks consider shopping around for the best card to take with you… i.e. One without the afore mentioned charges!
9. As a final note, we would like to remind consumers that, just as when you use your credit card or debit card in your own country, it is very important to cover the keypad while entering your PIN. Also if you suspect a cash machine has been tampered with then do not put your card or PIN into the machine.
10. If all this sounds like hassle, do remember that the use of credit cards abroad may save you a lot of trouble in an emergency.
The Above article is copyrighted to http://www.creditchoices.co.uk
Print
Email
