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How To Use A Credit Card While Traveling
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Depending on where you're going, you may need a backup credit card and some cash. It pays to plan ahead.
The days of relying solely on cash or traveler's checks when traveling outside the U.S. are long gone. In the 21st century, the same credit cards you use at home will work for you abroad, but there are still a few things you need to know.
Even in some common destinations for U.S. travelers, cash or debit cards may be king. That’s why it’s helpful to carry a variety of ways to pay whenever you’re far from home.
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Here are nine tips for getting maximum utility from your credit cards while traveling abroad.
1. Bring a widely accepted credit card
Visa and Mastercard are widely accepted worldwide. If an establishment takes credit cards, it’s a good bet that your Visa or Mastercard will work.
2. Tell your issuer you’re going
If your credit card account suddenly shows purchases thousands of miles from your home, your card issuer might decline them as suspicious. To avoid confusion, let your issuer know your travel itinerary in advance so it doesn’t freeze your account.
3. Bring more than one card
If your card is declined, you’ll be glad you have a backup. Consider bringing cards that offer extra rewards for travel spending categories, such as restaurants, hotels, and transportation costs. Make sure those bonus rewards apply outside the U.S.
4. Have some cash
Just as in the U.S., some merchants overseas don’t take credit cards, even if they’re located in popular tourist destinations. In many European countries, for example, cash is still the most popular way to pay. A December 2020 study by the European Central Bank found that 73% of all transactions were carried out in cash.
5. Avoid foreign transaction fees
Some credit cards charge a fee on every purchase you make outside the U.S.; 3% is a typical rate. That’s an extra $30 on a $1,000 in spending.
6. Understand dipping, tapping, and digital wallets
Though credit cards are widely used in the U.S., cards issued to American consumers have been slower to adopt new technology — namely, EMV chips and contactless capabilities. But we’ve caught up, especially as a result of the COVID-19 pandemic, when the less shoppers touched when paying, the happier they were.
7. Say no to dynamic currency conversion
Dynamic currency conversion allows you to have a transaction conducted in U.S. dollars rather than the local currency, so you have a better idea of what it’s costing you. This may seem convenient, but it’s expensive. The exchange rates for dynamic currency conversion are typically much worse than what your card issuer will use when it converts the purchase for your statement.
8. Research your card’s travel protections
Some credit cards — especially those designed for travel — offer protections for delayed flights, lost luggage, trip cancellation, accident insurance, and more. Book with the right card and enjoy peace of mind.
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