Ways to travel smart with credit cards

Ways to travel smart with credit cards

AsiaOne | Wed, Sep 14 2011

Find out how best to manage your credit cards when travelling to maximise its benefits and safeguard against misfortune.

 

Many of us carry multiple credit or debit cards when travelling. But don't be mistaken, it may not necessarily be a bad idea.

Well, truth is, you'll probably don't want to be stuck in a foreign land without one in the event of of theft or a credit limit is exceeded.

Here's a list of tips, recommended by Mastercard, on how best to manage the use of your credit cards when travelling to maximise its benefits and safeguard against misfortune.

---

BEFORE TRAVELLING

1. Check for insurance coverage

Check with your payment card issuer about cardholder travel benefits. Some cards offer personal travel accident insurance to ensure that you are covered when travelling.

2. Bring more than one card

 

It is also a good idea to bring more than one card and to always let your card issuer know before you go abroad, especially when visiting less developed countries.

Due to the increased security measures, payment cards can sometimes be blocked for transactions when used in places termed as "dubious".

Some banks also cut off payment cards that are used more than a certain number of times a day to try and stop thieves from using stolen cards.

3. Research before your trip

Research before your trip and find out the privileges that your credit cards offer. For example, MasterCard cardholders can avail of many privileges when travelling overseas. These include deals on accommodation, dining and shopping.




4. Make copies of travel documents

This sounds basic but it is a good practice to have - make several copies of your passport, credit cards, itinerary, airline tickets, and other travel documents.

Leave one copy with a relative or friend back home and carry one copy with you.

5. Avoid cash payment

Whenever possible, pay with a credit or debit card so that you can cancel payment or get reimbursed if there's a problem, provided you can show documentation.

 

6. Stay organised

It's easy to stay organised when you pay with a credit card in any country where you can't read the language.

Immediately write the amount of the transaction, items, date, and place of purchase on your receipt so that you can read it when the statement comes at the end of the month.

This makes after-trip book-keeping much simpler.

7. When you are out of cash...

ATMs are a good way to receive money when you are far from home.

ATMs that work with the MasterCard/Maestro/Cirrus network can be used with a debit card (check card) in most countries to withdraw money. Your debit card has to have a logo corresponding to one of those networks to be used in this way.

So, if your funds are running low, all someone back home has to do is deposit or transfer some money into your bank account, and then you can withdraw the funds.

There are usually no additional fees to pay other than the ATM withdrawal fees.

8. In case of emergency...

If your card is lost or stolen, or if you have a question about your travel benefits, call the credit card provider's hotline. More information on the respective numbers to call when visiting any country can be found on respective websites.

Source: MasterCard; Photos: BT, ST, TNP, Zaobao, AFP, Bloomberg