Best credit cards when traveling the world
Is world travel on your horizon this year? Bringing the right credit card is as fundamental as packing the right wardrobe. While there are great benefits to using plastic abroad – such as travel assistance and fraud protection – the cards’ foreign transaction fees can eat into your travel budget. And traditional magnetic strip credit cards aren't universally accepted overseas anymore. Picking the right card for a foreign trip depends on the perks you’re looking for, the fees you’re willing to pay, and the kind of credit you have. Here are Credit Karma’s Top 5 credit cards for world travel:
#5 Best no-hassle, no-fee card – Capital One Platinum Prestige Credit CardWhy we recommend it: Most credit cards have foreign transaction fees that add 1 to 3 percent to every transaction made abroad. If you plan to swipe often or for big ticket items, those fees quickly add up. The Capital One Platinum Prestige Card is a great choice for travelers, featuring no-hassle perks and no annual fee. Capital One is the only major issuer that doesn’t charge foreign transaction fees and you'll see a few Capital One cards on this list. In addition to no foreign transaction fees, the Platinum Prestige card offers 0 percent interest until September 2012 on balance transfers and purchases, so you can save money on interest charges if you have a large balance after vacation. Plus, the interest rate resets to a low 10.9 percent APR, which makes its it an all-around good credit card for everyday spending at home as well as your go-to credit card for world travel.
Drawbacks: : While the United States still uses magnetic strip credit cards, the standard in European and Asian countries nowadays is EMV microchip technology embedded in the card. As a result, your current credit or debit card may be declined by some merchants abroad. To make sure you never risk that issue, U.S. Bank’s FlexPerks Travel Rewards Visa is one of the few US credit cards that features both EMV chip technology and the magnetic strip. For those who often travel internationally, having a credit card that will be accepted anywhere is a necessity. FlexPerks Travel Rewards Visa has a solid rewards program as well, with bonus offers and an earning base of 1 FlexPoint for every dollar spent to be redeemed for airline miles and various travel rewards.
Drawbacks : If you’re looking to earn great rewards for all the spending you’ll do abroad, Capital One makes the list again with the Venture Rewards Card. In addition to the benefit of no foreign transaction fees, the Venture Rewards Card has one of the best rewards-earning programs with double miles for every dollar spent. Plus, you can convert the miles to cash value for travel-related purchases. Capital One is currently running a promotion to earn 25,000 bonus miles – or $250 in travel – when new cardholders spend $1,000 in the first three months. Earning double miles or points is great on this card because it can be redeemed for any airline or hotel of your choice with no expiration or blackout dates. You can earn free miles and nights for use on your next vacation while you’re making purchases on your current vacation.
Lowest Creditcard Interest And Fees - News
Plus, the interest rate resets to a low 10.9 percent APR, which makes its it an all-around good credit card for everyday spending at home as well as your go-to credit card for world travel. Drawbacks:You need an excellent credit score to qualify for
Unlike the best credit card deals, prepaid credit cards come at a price, but it's one that has always been worthwhile for consumers who need to curb their spending and don't have the money or desire to pay high interest rates. To protect low-income
Ahamed had an interesting perspective in the Wall Street Journal piece: “History shows that when people have borrowed too much, they stop borrowing and interest rates stay very low for a very long time.” The common assumption is that interest rates are
[Wall Street Journal] Starting August 1, the UCLA will charge a 2.75% fee if students use a credit card to pay for tuition, housing, parking or other fees. The schools says processing fees cost the school $6.5 million in credit card transactions.
Even though the prime rate (the rate at which banks lend to their most creditworthy customers) is at a historic low, and banks can borrow money essentially without interest, credit card interest rates are stubbornly high. According to our analysis of
Credit Card Interest Rates And Annual Fees | Low Interest Credit Cards
To make sure you are not losing money by using your credit card, let’s look at how credit card interest rates and annual fee options can be used to your advantage.
Cost Calculations
One of the reasons there is such a big focus on low interest rate credit cards is because, on their own, low interest rates are always better than high ones. But credit cards rarely come with just interest rates in mind, so it is important to think about other factors on the card, and how you plan on using it.
If you intend to use your card for everyday use and make regular repayments on time, chances are you will not have to pay any interest for the year. So for a card that has a $100 annual fee, you are actually spending money without realising it.
Just as interest is seen as an expense, annual fees are often forgotten until charged, but factoring them in before you get a credit card could influence your decision.
For someone who wants to pay off an expense over time using his or her credit card, a low rate card is ideal. But try to factor in the total expense before deciding on a credit card option. If you had $4000 outstanding for the year on a card with 17% p.a. interest and an $80 annual fee, that would cost you $760 in total, which actually works out to be 19% of the initial amount.
On the other hand, a card like the HSBC Credit Card , with an interest rate of 17.99% p.a. would cost $719.60 in interest for the year, but with no annual fee that actually saves you money compared to the scenario above.
Low interest rates and fees will vary from card to card, but factoring both of these features into your decision can lead to more savings.
Some cards will have no fee and a higher interest rate, others will have a fee that makes their low interest rate cost you more, and some may have both low rates and low fees that work out better for you. So if you want to take advantage of the lowest credit card costs available, remember to factor in annual fees as well as the interest rate.
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Disclaimer: Low Interest Credit Cards is an independent comparison tool of Australian credit cards, owned by Credit World Pty Ltd ACN: 128 435 861. ASIC Credit License Number: 397 589. This website is 100% Australian owned and operated. Low Interest Credit Cards is a third party adjudicator of the Australian finance sector. We don't have any direct connection or legal liability with any Australian banks. LowInterestCreditCards.com.au compiles information for a multitude of Australian credit card products; please be aware that we strive to ensure that the offers listed on our site are current. However, all information is presented without guarantee. When you click on the "apply" link you'll have a chance to read the credit card terms and conditions on the issuer's web site. As with any financial product we advise you consider you own personal circumstances when making a choice and also consult the product disclosure statement for all details. If you have any concerns please contact us in the first instance, we are here to help. The articles, content and resources on this page are not be produced by financial advisers. Before making decisions based on any of this information, consult a finance professional. Pictures of credit cards are copyrighted by their respective owners © All other content is copyright 2011 - Low Interest Credit Cards.
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