Which is the best travel credit card to use abroad?
Why do you need to travel with a credit card?
While on some occasions you can get away with just travelling with cash and your debit card, there are many destinations where a credit card is essential. The United States, for example, requires you to have a credit card to check in to most hostels. You will also need a credit card (with a pretty large credit allowance) to rent cars in the US. They will block up to $1,000 for the duration of your rental.
Keeping a spare credit card with you in case of emergencies is also a smart idea. Especially in cases where your debit card gets blocked, eaten by the machine or gets stolen.
What are the advantages of using a credit card abroad?
Using a credit card instead of a debit card or cash is also great for fraud protection when you travel abroad. Credit cards are carefully monitored by the credit company, meaning they can report unusual activity if they suspect someone’s stolen your card, or even block it if they see lots of suspicious activity. If you lose your card or it’s stolen, you can get a replacement sent to you within a few days. Be sure to let your bank or card company know that you plan on travelling and the countries you plan to visit to avoid the risk of your card getting blocked accidentally.
What’s the best credit card to use abroad?
The card you choose may depend on the bank you primarily bank with in Ireland. But it’s good to know the differences between banks and which cards are best for people travelling overseas.
Credit card companies will not charge you to use your card in the Eurozone, however you will be charged to withdraw cash. Bank of Ireland, for example will charge the greater of €2.54 or 1.5% for cash withdrawals in Europe or elsewhere in the world and will charge you 2.25% to use your card outside of Europe. AIB charges 1.75% of transaction value for FX transactions in Europe, and 2.75% in the rest of the world.
For Americans living in Ireland, or Irish people with a bank account in the UK or the US, you can apply for an AMEX (American Express credit card), which is known to be one of the best travel credit cards out there. With lots of sign up bonuses and quick and easy ways to collect point and airline miles, this card can save frequent travellers a lot of money.
How can you ensure your money is protected abroad?
Fraud protection is great for ensuring you do not get scammed while abroad. You can report transactions you do not recognise, but most often the credit card company will notice any suspicious activity before you do. If your cards are robbed or stolen you can file a police report within 24 hours and then report back to your credit card company who will then refund you within a few days.
Can I use my card in an ATM?
Nearly all ATMs abroad will accept VISA and MasterCard. If you do encounter any problems with an ATM, just move on to another bank and try again. Different banks abroad will also charge you an additional fee to your own bank fee, ranging from as little as €1 and going up to outrageous ATM fees as high as €7 in some very touristy spots, or if you use stand alone ATMs not connected to a bank. Charges can add up pretty fast when you add these charges to the international withdrawal fees your bank will add to your bill.
The most important takeaway about travel credit cards is that having one is the first step! Which credit card you decide on will depend on the bank you normally deal with, whether you are looking for a personal or business credit card (many business credit cards have perks such as free lounge access at Dublin Airport!) or even how much of a credit allowance you are looking for. Just remember to be mindful of ATM charges, transaction and foreign exchange fees while overseas or you might come back to a much larger credit card bill than expected. Finally, as mentioned already, always alert your bank when travelling overseas so that they know where you are and know not to block you card accidentally.
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*Updated January 2019. Prices correct at the time of publication but may be subject to change and/or availability.
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