Here's all you need to know about travel credit cards:
On top of this, if you use your credit card to withdraw cash, you’ll pay another fee of around 2.99%. This means withdrawing £100 could cost you £5.98 in fees, taking both the foreign transaction fee and the cash withdrawal fee into account.
With cash withdrawals, you’ll also be charged interest from the day of the transaction, even if you pay off your balance in full that month, making it a very costly way to get hold of your money. By using a travel credit card, however, you can often avoid paying both foreign transaction fees and cash withdrawal fees when you use your card abroad. Note, however, that interest is still usually charged when withdrawing cash , even if you pay off your balance in full.
Overall this means that paying for purchases with a travel credit card can save you a decent chunk of money when overseas.There are several other advantages to using a travel credit card, including:Providing they cost over £100 and not more than £30,000, purchases made on a credit card are protected by
. This means if the item purchased is faulty, or the company you bought the item from goes out of business, your card provider is jointly liable with the retailer and you should be able to get your money back.Travel credit cards can offer competitive exchange rates when spending overseas.Some travel credit cards also offer cashback and other incentives such as family travel insurance.
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