Things You Need to Know about Credit Card Offers Traveling Abroad

If you are traveling abroad, there are plenty of frequently asked questions that other travelers are concerned with. Many issues run across the board when you are looking at traveling around the world armed with your credit card.

Some credit cards, such as Discover Card, do not charge any foreign exchange fees, which makes it one of the best choices if you are traveling to a foreign country where Discover is widely accepted. However, only Canada, the Caribbean, Latin America and some parts of China accept the Discover Card.

If the country you are traveling to does not appear on the list of Discover Card’s accepted areas, American Express credit cards offer a flat exchange fee of two percent. American Express is widely accepted around the world.

If you want a Visa or MasterCard, then the process is a little more complex. Visa and MasterCard charge a one percent exchange fee, but the issuing bank can charge another fee on top of that, usually another two percent for a total of three percent fee for each transaction.

What is the average exchange fee that banks charge with their credit card offers? What banks have the lowest fees? The Bank of America, Citibank and Chase all add 2% to foreign transactions in addition to the 1% that is charged by Visa or MasterCard.

Capital One and Wells Fargo are well known for their lower foreign currency fees and you may do better still with lower fees from your local credit union or regional bank for foreign transaction fees. The best bet is for you to shop around with the various banks and providers to see who will offer the lowest currency translation charges. Make yourself a flow chart so you can easily see who has the better rate.

Another way to decrease the foreign exchange fees associated with credit cards is to use a debit card. They don’t usually have exchange fees and are just as convenient as credit cards because they are usually part of the Visa or MasterCard networks, which mean you can use them everywhere you can use a Visa or MasterCard.

Regardless of the type of foreign currency you need or what card you have, the same bank will often charge the same fees. Even if you have a standard credit card or a platinum credit card—the fees are the same. One of the best ways to find the best credit card offer is to search online for the best credit card offers in the Internet.

By using a tool such as the Internet, you can compare the best credit card offers and even apply for a credit card online. Most of the time you can get online instant approval for many of the new credit card offers available. You don’t even have to have excellent credit in order to get guaranteed approval on a credit card offer. You can find some of the best credit cards online and easily compare the best credit card offers.

If you lose your credit card while you are traveling, you can get a replacement card from all of the major credit card services. Make sure that before you travel, you take down the international assistance number for your card service and write it on a different piece of paper kept separately from your credit card. It’s a good idea to keep it out of your wallet too, just in case you lose your whole wallet.

The international assistance number can usually be found on the back of your credit card. If your card doesn’t have an international number, you can make a collect call to any of the credit card companies. The customer service representatives are all trained to help you replace your lost or stolen credit care easily.

American Express has an ‘Emergency Card Replacement Service’ and “Emergency Cash Assistance” programs. Emergency Card Replacement Service is a way to replace your stolen or lost card with very little hassle and quite quickly.

To use this service, you have to contact the nearest American Express Travel Service or Representative Office, give them your credit card number and tell them when and where it was lost or stolen—a replacement card will then be issued free of charge and you can pick it up at your nearest travel office or have it mailed to you.

Visa and MasterCard have a similar service for most of their credit cards. However, neither Visa nor MasterCard have travel offices but will be able to help you find a nearby partner such as a large merchant or local bank where you can pick up a replacement card. Discover Card will only send a replacement card to your home address so you can’t get one while you are traveling.

American Express Emergency Cash Assistance Program is available at any of their 2,200 Travel offices where you can cash a personal check for up to $1,000. You will receive $50 in cash and the rest in traveler’s checks.

If you don’t have your check book with you, American Express will give you a blank check if you can give them the information they need, such as your bank account number and the bank’s name and address. It’s a good idea to carry a blank check or two with you while you travel or to keep the information in a safe place in case you need to use this emergency service.

With both Visa and MasterCard, you can usually get a cash advance against your credit card account from a foreign bank. The bank will take your credit card number and passport number and phone them both to a central computer to prevent you from exceeding the limit on your card.

MasterCard and Visa are accepted in most urban areas in the world and the acceptance is spreading into rural and developing areas as well. The most recognized card worldwide is Visa. Some countries do not accept MasterCard and Visa, primarily in the areas where the merchant fees clash with the local culture, such as in parts of Mexico and the Netherlands.

Before you travel, call the customer service number on the back of your credit card to find out if it is accepted in the area you will be traveling to. If your credit card isn’t accepted where you are traveling to, and then consider searching on the Internet for a credit card offer that will be accepted where you will be traveling. You can even apply online!

American Express charges 2% for all foreign transactions plus another 3% for a cash advance fee.

Discover Card allows their credit card holders to obtain cash advances at most major banks in the Caribbean, at Sears’s stores and some Canadian casinos. There is only a 3% cash advance fee and no fees for currency exchange.

If you’re accidentally charged twice for a service or have a dispute of some kind with a merchant while you are traveling, you should first contact the merchant and follow the same procedures as you would if your dispute happened in the US. Call the customer service number on the back of your credit card and start an inquiry into the debated charge. The credit card company will work to resolve the dispute on your behalf and will be the intermediary between the merchant and you. Even if you don’t speak the language of the country you visited, the company representatives will do all the talking with the merchant.

The merchants have agreements and relationships with the credit card companies’ cards that they accept and if they don’t respond to the credit card company’s information request, they will be found liable and you won’t be responsible for the charge on your credit card.

It’s a good idea to tell your credit card company ahead of time that you will be traveling out of the country. This way, they can prepare for trouble that might arise and the customer service representatives can help you get information about your traveling destination before you go, such as travel offices, affiliated banks and travel offices.

Don’t take your whole wallet with you — leave most of your credit cards at home and only take the ones you will get the most use out of and will offer the best rates.

Invest in a travel pouch that hides under your shirt or belt for your cards, a couple of personal checks for an emergency and your driver’s license. You should keep most of your money in there as well to avoid thieves.

Do carry your wallet — keep a little cash in there but none of your credit cards or driver’s license. This way you will have something to hand over in case you are robbed.

Take photocopies of your credit cards (both sides), your driver’s license and your traveler’s checks and keep the copies safe with your passport in your hotel room. Don’t forget to include the customer service numbers on your cards in case you can’t read them on the photocopy of your cards. It’s a good idea to keep two sets of the photocopies, one with you and one kept in your hotel room.