Credit Card Security when Traveling Abroad

Credit Card Security when Traveling Abroad

When traveling to a foreign country, many people are aware of possible obstacles like a language barrier, unfamiliar foods and unusual customs. But one area that is less obvious to many travelers is the rates and fees that may apply to their credit card purchases. Unsuspecting travelers may not learn the truth until the damage is discovered on their credit card statement. Your trip will be a much more pleasant memory when you acknowledge the benefits and the potential pitfalls of using credit while traveling abroad.

The Benefits of Using Credit Cards

Security is one of the most important reasons to use plastic. Crowded tourist areas carry the risk of becoming the victim of a pick-pocket. When you carry little cash, your risk is substantially lowered.

Another advantage of using credit cards is less hassle with exchanging currency and dealing with merchants using an unfamiliar form of cash. Of course, it's important to have some currency from the country you're visiting for places that don't accept plastic, but a credit card will minimize the amount you will need to have on hand.

The Pitfalls of Using Credit Cards

The advantages of using credit while traveling far exceed the disadvantages. It may cost more, but there are ways to make the process less expensive and the security they provide is priceless.

Foreign Transaction Fees are an added expense charged by some credit card companies. The fee is typically between 2-3% of every purchase, which can really add up. To avoid being charged, make sure the card you plan to use doesn't charge the fee or apply for a card that doesn't. Capital One offers the most credit cards without a foreign transaction fee.

Dynamic Currency Conversion is a 'convenience service' offered by some foreign merchants to convert the purchase amount from the local currency to the traveler's home currency. You may be charged up to 7% for relieving you of the inconvenience of figuring out the exchange on your own. Save yourself the frustration of feeling swindled by declining any offer for currency conversion. Only sign receipts that show the purchase price in the local currency.

No matter where you travel, planning ahead is just plain common sense. But foreign travel requires much more, especially when it comes to credit cards. One important thing to remember is to check with your credit card company to be sure they accept card transactions at your destination and let them know of your travel plans. The last thing you want to happen is to have your credit card purchases denied because the company considers it suspicious activity. Also, with advanced security measures in Europe and other foreign countries, your passport may be required to authorize credit card purchases.

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