Best Overseas Credit Cards

June 2nd, 2010

The best overseas credit cards can provide customers with plenty of advantages, but it’s important to remember that there may be some differences with some fees and with the way transactions can be processed.

Tips for Determining the Best Overseas Credit Cards

Many of the best overseas credit cards now come available with a chip and PIN system, which can provide card holders with an increased level of security and reduce the risk of fraud.

The object of switching to these types of cards means that if your card is stolen or being used fraudulently by another person, there is less risk, as the card holder is required to swipe the card physically and enter a Personal Identification Number (PIN) to process a payment transaction.

Using Overseas Credit Cards Internationally

Even though your credit card provider may have taken steps to help protect card holders against the risk of fraud, there are still some things you should remember before you leave for your trip.

Always call your credit card issuer to tell them you’ll be using your credit card overseas. This will stop their system from triggering a suspected fraudulent-use notification the first time you use it abroad.

While you’re talking with your credit card issuer, also ask them if your card has any daily withdrawal limits or restrictions for overseas use.

You should also try to avoid making cash withdrawals from your credit card. Cash advances are charged at higher interest rates than purchases, but when you withdraw cash overseas, you’ll also incur foreign currency conversion fees. You may also be charge transaction fees of $4 or $5 per transaction, plus 1.5% of the amount you withdraw. You’ll also be charged interest on the amount from the day you withdraw it.

Instead of withdrawing cash, try to use your overseas credit card for bigger purchases, such as flights, accommodation or hire cars.

While you’re away, always be sure to carry the number to report a lost or stolen credit card, in case you lose your card during your travels. This way you can cancel it quickly, no matter where in the world you are.

If you know you’ll be travelling overseas, be sure to spend a little time researching the best overseas credit card to suit your travelling needs before you leave. Then you know you’ll be able to enjoy your trip without worrying about paying for the things you need.

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	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)