Are you traveling abroad for an extended period of time? If so, you're probably wondering what you should do about your credit cards and other bills. Here are a few things you could do with your credit to help you have a smooth trip.
Pay for expenses wisely
You'll need a way to pay for your expenses each day. Some credit cards offer travel miles, hotel deals and other travel perks. You can take advantage of these opportunities to save money. Also, you often don't need to take all of your credit cards with you. Consider leaving one or more in a secure location where you are staying. Carry enough cash or credit for the day, but not excessive amounts. If something happens, you want to limit the impact it'll have. Losing one day's worth of cash or one card is not pleasant, but losing it all at once could leave you stranded.
Research fees and restrictions
Check into foreign transaction fees for your credit cards, and consider applying for a card with no foreign fees if you don't have one. Also, find out if there are banking restrictions that will affect you in the countries you are visiting. Do they only accept certain types of cards in the area where you will be traveling? Do banks and ATMs have limited operating hours? Are there remote areas where you will need to charge your accommodations in advance?
Consider automatic bill pay and e-delivery
You may want to arrange for automatic bill pay for your credit cards and other recurring expenses while you're away. Setting this up for a specific day of the month can help you keep track of transactions and plan your vacation cash flow. This could also help you avoid missing a payment, which is one of the biggest things that could negatively impact your credit (and can stay on your credit report for seven years).
While you are at it, consider switching your bills and credit card statements to e-delivery (if that isn't the current setting already). If you want hard copies of your bills, you can print the online statements and keep them in your filing system. This helps minimize the personal information from piling up in your mailbox. You could also stop your mail delivery temporarily or give a friend access to pick up your mail.
It's good practice to keep secure copies of important records when you travel, like the front and back of the credit cards you'll be using and your passport. Doing this can give you easy access to your account numbers and the customer service numbers if you misplace your cards or they are stolen.
The records you maintain are only as safe as how you protect them. If you're keeping physical copies, store them in a secure location, like your hotel safe. Similarly, if you decide to use an online service, remember to take steps like safeguarding both the device that you use to access the service as well as using passwords wisely. You should also understand the safeguards the service uses to protect your information.
Let your bank know you'll be out of the country
Contact your credit card issuers to let them know where you will be traveling, and give them the approximate regions and dates if you don't have a specific itinerary. Also, inform your card issuers if your travel plans change from what you had shared with them.
Look out for signs of fraud
You can set up the My Spending Tool on Credit Karma to send you alerts for any transactions that exceed your specified budget parameters to quickly alert you to potential fraud. When making purchases, always check ATMs and card readers for suspicious devices that may skim your information. Also, determine your backup plan for getting cash or replacement cards in the event of theft or fraud. Is there a relative or friend that will be nearby? Where is your nearest bank location? For longer trips, consider placing a fraud alert on file with the credit bureaus or freezing your credit to prevent new cards from being issued while you are away.
Keep your vacation focused on the fun you'll be having by considering the tips above before and during your trip. Most of these steps can be completed without taking up too much time and it'll be worth it in case you run into an issue. Get started now and have a great time on your travels!
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