It’s that time of the year when most folks are planning their summer vacation. If you are planning on traveling overseas, here are some helpful tips to protect your credit while abroad.
1. Notify your bank. Before you leave for your trip, let your credit card company or bank know that you will be traveling out of the country. Banks monitor their customers’ accounts for potential fraud, such as an unusual out of the country charge. This can raise a red flag and have your card suspended and your purchases declined.
2. Research foreign transaction fees. It can be expensive to use a credit card abroad. Call the credit card issuing company to check on their foreign transaction fees. Some cards have lower transaction fees than others. However, some can add 3-5 percent to the cost of foreign purchases.
3. Make sure you card will work outside of the US. Not all credit cards are widely accepted in other counties. Research which credit cards are accepted in your destination country.
4. Don’t bring every credit card you have. Do bring a couple credit cards, just in case one is not accepted or is lost or stolen. And remember to bring your debit card. Not all countries permit cash advances on credit cards.
5. Save your receipts. Saving receipts can ensure you are tracking expenses and not being charged for something you didn’t buy. After you return home, be sure to double check your credit card statements. Make sure you are not overcharged on any purchases or see any suspicious charges.
Happy and Safe Travels!