Thursday, January 22, 2009

Credit Card Tips (3)

These tips are very important when you travel abroad and using a credit card. You need to be careful on using your credit card. You should watch out for the conversion fee that many banks charges in foreign currencies.

You should always read tips about making photocopies of your credit cards when traveling and placing these copies in the bottom of your luggage. This tips is given by individuals in the proper spirit, however this can actually put you at greater risk of experiencing credit card fraud. Anyone who winds up with your luggage will have access to your credit card numbers and expiration dates. Anyone rifling your suitcases can take the copies or make copies of your copies for their use, ordering merchandise via the telephone.

As with traveler's check- some banks do and some banks don't charge a fee, generally 1% of the purchase amount. So if you have several cards, it's worth checking with the issuers to see which one offers the best deal on foreign currency con- version. Then weigh this against other factors. Note: The conversion fee is not included in the legally required disclosure box that appears in credit-card promotional material. Even with the conversion charge, many times ATM machines will have the best possible exchange rates and the lowest fees.