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Travelling abroad? 5 handy credit cards tips for you
These will save you some money and lots of hassles.
Indians are becoming global nomads. This kind of lifestyle requires people to attune themselves to newer security issues, especially when it comes to credit card usage.
It is very important to be careful, as your credit card usage will have an impact on your CIBIL credit score.
Following are the top five tips to keep in mind while travelling abroad:
Inform the card issuer
If you are travelling abroad, call your card company and inform them about your travel plans and dates.
If there is a transaction in any of the other places other than the ones you have informed, the credit card company will notify you about the transaction and if need be it will block your card.
The author is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India's first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.
Travelling abroad? 5 handy credit cards tips for you
Get to know your charges
When you travel abroad, you will be paying in foreign currency.
Some credit card companies charge a transaction fees, conversion charges and corresponding service taxes.
It is important for you to know these charges, because the actual cost of your shopping might go up with these charges.
Sometimes you might find it cheaper to pay cash.
Travelling abroad? 5 handy credit cards tips for you
Upgrade your credit card
These days, credit card companies are offering cards with an in built security chip. Ensure your card has this security feature to prevent frauds against your credit card account.
Travelling abroad? 5 handy credit cards tips for you
Ask the merchants to charge you locally
When you swipe your card in a foreign location, let the merchant charge you in the local currency (say if you are from India, then ask the merchant to charge you in Indian rupees).
Merchants many a time insist on dollars; this gives them scope to charge forex rates at random.
Carry currency
Avoid credit card usage as much as possible. Instead, carry foreign currency and use it while shopping. This is a safer way to transact.
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