Travel offers unparallelled experiences in new places, but financial security is vital when you’re on a trip. These days, carrying cash is not necessarily a secure option and using debit can be both unsafe and expensive. Luckily, travel credit cards offer top-tier levels of security.
Fraud Protection
Most travel credit cards provide safeguards against unauthorized purchases, such as zero liability for any unauthorized transactions. Many apps associated with financial institutions allow you to opt for alerts and notifications if they detect suspicious activity on your card. You can even receive notifications for every transaction, so the moment a transaction occurs that you don’t recognize, you can take immediate action through your smart phone.
However, it’s also important to take a few simple steps in your daily financial life to protect yourself from fraud. These include:
- Never tell anyone your PIN
- Don’t write your PIN down
- Don’t choose a PIN that is easy to guess (like your birthday, for example)
- When travelling, keep your credit card on you at all times
Emergency Assistance
Your credit card’s financial institution contact info should always be kept handy in case you need it. Store the phone number in both your contacts and notes apps so precious time isn’t wasted if your card is lost or stolen. The faster you reach customer support, the better.
If you’re unsure if your card has been stolen or simply misplaced, access your app immediately and freeze your card. Once found, you can unfreeze it. Getting a report started ASAP is a priority, in case further action needs to be taken.
Travel Insurance
Your travel credit card can protect you in any number of valuable ways, such as trip cancellation insurance, medical insurance and vehicle rental insurance. You can even get luggage insurance. Make sure to apply for all these policies as soon as you’ve booked your trip. That way, if something unexpected happens, you’ll be covered financially.
Make sure you understand the terms and conditions–you may need to waive other insurance (such as car rental insurance) to ensure your credit card insurance covers you.
Online Purchases
Using your credit card for large purchases such as plane tickets, hotels, vehicle rentals, and other travel expenses is highly recommended, as it generally guarantees your reservations. Entire excursions and trips can be completely paid for before you even leave your house, which makes your travel days that much more stress-free. Even if the vendor doesn’t offer refunds, you may be able to get money back through your credit card company.
Global Acceptance
Credit cards are accepted pretty much everywhere, and, for a fee, they can convert currency far easier than most people can convert cash to the local currency. This keeps you from having to carry cash around or pay overpriced conversion fees at foreign ATMs. The fee charged for doing the conversions immediately on your card is far less than the amount you could potentially lose in converting cash.
Remember, unless it is a dire emergency, do not withdraw cash from a foreign ATM using your credit card as the fees for doing so can be very high.
Build Rewards
Using a travel rewards credit card enables you to both earn and redeem rewards, which allows for even more trips and upgrades. Keep your eyes open for deals that can earn you bonus rewards. These pop up throughout the year and can be worth your while.
Enjoy using your travel credit card, and have fun earning and redeeming rewards, and, as always, remember to spend and charge responsibly.
