1 Investigate whether your credit card company offers any reward points/ deals – in a competitive industry, an increasing number of them are trying to lure customers via extras that may range from frequent flyer points with certain airlines to discounted hotel rates if you use your card as payment. Also ask about travel assistance schemes that may be offered (from accident insurance to car rental damage protection).
2 Find out (ideally before committing to a credit card company) whether it has any international restrictions – some cards are more commonly accepted in certain countries. Many travellers take two (or more) credit cards with them when travelling abroad, which makes sense. Keep in mind that some establishments(for example, mid-sized shops) might only take debit cards.
3 Be aware that most credit card companies incur a foreign transaction charge (usually between one per cent and three per cent of an item’s purchase price). It pays to do your homework, especially if you travel a lot, and source a credit card that offers the least fees.
4 Notify your bank, prior to your trip, of your travel dates and destinations (including any transit stopovers). It’s not unusual for banks to suspend credit cards if overseas transactions are detected (banks assume your card may have been stolen, so suspend them to not only protect you, but mitigate their own potential fraud costs).
5 It might sound silly, but ensure you’re aware of your credit limit before you travel so you can top up your funds
if need be.
6 Emergency toll-free telephone numbers are usually provided either on the credit card or by the bank – make sure you know what the number is and that you keep it in a place separate from your card. Put a stop order on your lost/ stolen card immediately to prevent it being used without your knowledge.
7 Be mindful of cash advance charges that are incurred when credit cards are used to withdraw cash from ATMs. The fee usually hovers between two per cent and five per cent. On top of this, you may possibly be charged an additional fee just for the privilege of usinga bank’s ATM. The best way to avoid these fees is to only use a debit (not credit) card for ATM cash withdrawals.
8 Many credit card companies have recently boosted security by issuing a PIN – double check if this applies to your card, as some countries won’t accept transactions without your supplying the PIN.
9 Retain all receipts in case there are discrepancies when you later receive your credit card statement.
10 Finally, most companies adequately pre-warn their customers before a card reaches its expiry date, but it pays to double check that your card won’t pass its end date during your trip.
