More of us are taking our credit cards abroad as an easy way to pay for goods and services conveniently, without the hassle of having to change notes for foreign cash. But like cash, credit cards still need to be looked after, and it’s always good know what you’re covered for with regards to purchases or if your card goes missing.
You can take your money abroad in a range of ways, either as cash, traveler’s cheques, or in the form of a credit card. Many people opt for a combination of all or some of these, but it’s important to be aware of the regulations and the law with credit cards, as they can differ from other forms of payment. The good news is that for purchases between 100 pounds and 30,000 pounds you can be covered for purchases from a supplier.
You can also take out extra protection insurance if your card is lost or stolen while you’re in a foreign country, on top of any existing credit card protection you have for the UK. The price, and terms and conditions can vary depending on your credit card provider and the type of credit card protection offered. Things like your passport, driving licenses, and even lost or stolen cash can also be covered. Sometimes credit card protection offered by a bank or credit card provider is part of a wider card protection scheme that will also cover you at home and a range of other payment cards and valuables.
Ways you can keep your credit cards protected when abroad
One of the most important things you will carry with you on holiday will be your means of payment, and whether it’s cash or credit cards, it’s worth checking before you leave how best to protect your valuables. As credit cards offer a safer and more convenient means of paying than traveler’s cheques, it is now quite acceptable to only carry a minimal amount of local currency and to use your credit card most of the time.
Keep a record of the relevant telephone and card numbers you will need to provide to your credit card company should your credit card go missing. Replacements can often be sent directly to your holiday address. Along with passports, tickets and cash, you should always keep your credit cards close to you. Using a hotel safe can also be a good idea, for instance, if you intend to visit the beach and go for a swim. Make copies of all your important documents, leaving one set at home and taking the other with you, as this could speed the process up when making a claim.
More credit card protection
A credit card protection insurance policy is invaluable for looking after your money when you’re away, with emergency cash, luggage replacement, replacement tickets, and lost key services often included in the cover. Premiums for credit card protection over the year are usually very small, and for peace of mind provide excellent value.
Of course you should always inform your bank or credit card provider immediately if your wallet is stolen or goes missing. Ensure you read the guidelines issued with your credit card and make sure any insurance or protection included with the credit card covers you for as many expenses and potential pitfalls as possible.
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Tags: Credit, credit card, credit cards, finance, Money
