Good Evening...Welcome back to the Soul Sistas Guide. Chapter 1 - Credit/Debit cards Friends, I have learned a lot over the past few years about traveling abroad. Its not how much you bring, but what you bring. So lets talk credit/debit cards. When I travel, I like to bring at least $100 USD (United States Dollars) for emergencies because I can get it converted to my current locations currency. For regular purchases, I use my credit card; however, you must be mindful of the credit/debit card you use. 1. CREDIT/DEBIT CARD VS CASH. When you use a credit/debit card in a foreign country, your transaction is automatically recorded. Keeping your receipts is a good practice, however, you can loose receipts or get confused about the conversion rate from dollars to the currency rate of the country in which you are located. The credit card company automatically does it for you. Your credit/debit card should have international number located on it if you need to contact them. If you dont have access to a phone, but have access to the internet, SKYPE or some form of Wi-Fi calling is your friend. 2. NOTIFY YOUR FINANCIAL INSITUTION BEFORE YOU LEAVE THE USA. I dont know who I learned this from. maybe I do, but anyways, NOTIFY YOUR FINANCIAL INSTITUTION BEFORE YOU LEAVE THE COUNTRY WITH THEIR CREDIT CARD!!! I cant stress how critical this is. In the age of internet fraud and hacking, the financial institutions have no problem stopping any transaction that is out of character of your purchasing history. You may say its your card., and I will say that you are in denial. The credit card company is allowing you to use their card and reputation based on your purchase and payment history. Credit is a privilege. Call the customer service number on the back of your card, while you are in the US, and let them know your departure/return dates and what countries to which you are travelling. This simple step takes 5-10 minutes and saves you a lot of heartache and headache. 3. FOREIGN TRANSACTION FEES When I first started traveling, I had no idea what this was. I Googled Creditcards for this definition: Foreign transaction fees are charged by most credit card companies on purchases made in a foreign currency, or on purchases that involve a foreign bank (regardless of whether a foreign currency is used). Usually, foreign transaction fees are a percentage of the amount of each foreign currency purchase, with no minimum or maximum. Sometimes this fee is called a foreign exchange fee. It once was called a currency conversion fee. Foreign transaction fees are charged by U.S. transaction processors such as Visa and MasterCard. The card issuing bank may choose to pass that fee along to consumers; most do, and some tack on their own fees. My personal bank, charges a foreign transaction fee when I use my debit card - hence, this is why I bring cash. I bring the debit card as backup in case of an emergency. However, the credit cards I bring, and I ALWAYS bring TWO, do not have a foreign transaction fee. If you can, get a credit card through an airline site, such as Southwest or Korean Air. One of the selling points that I look for is NO FOREIGN TRANSACTION FEE. American Express does not charge a foreign transaction fee either. Unbeknownst, how do you like that word - unbeknownst?...anywho, Unbeknownst to so many people, if you are in good standing with American Express, they will convert your GREEN AMEX card from pay in full to a payment plan. Just dont go crazy! If you only have the debit card option, estimate how much you want to spend for the entire trip, and take it out of the debit machine in the country you are in. That way, you will only be charged one foreign transaction fee. This may be difficult at first, if you are new to foreign travel. Just remember, KEEP TRACK OF YOUR RECEIPTS!! 4. TAKE A PICTURE OF YOUR CREDIT/DEBIT CARDS God forbid, you loose your credit/debit card or have it stolen. If this does happen, being in a foreign country can add insult to injury especially if you have no phone numbers readily available and you are panicking. Use the technology that Bill Gates and Steve Jobs provided to you and take a close up picture of your credit cards, front and back, in advance. Most of us have a cell phone that was created in the 21st century, so use your phone app or widget, so you can stay ready to keep from getting ready. My advice that you have a SKYPE APP or Wi-Fi calling on your phone too, so you can quickly call your financial institution to cancel the card. Also, keep a copy of this information on a separate device like a laptop or tablet. Folks that it for me now. Gotta pack...its cold where Im going. Then again, just about everywhere is colder than Phoenix. Stay tuned - Chapter 2 - Purse and Wallet
Posted on: Sun, 09 Nov 2014 02:53:07 +0000
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