Can I use my card abroad?
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- What is Credit?
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Credit is an extremely useful way of paying for goods or services at a later time, usually paying interest as well as the original money. Offering real convenience, you can choose how to pay back credit in the way that best suits you.
- How can I keep my credit card secure?
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Like anything, a credit card can be stolen or used without your knowledge, so follow these simple rules to keep your credit card secure:
- How much will I have to pay each month?
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How much you have to pay back each month depends entirely on how much you owe – however the general rule for most credit card companies is that you either make a minimum payment of 2% of the balance or £5, whichever is the higher figure.
- How do I use Credit card cheques?
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When you receive your credit card, you will also receive some credit card cheques in the post.
- Why is it worth making a Balance Transfer?
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If you have a large outstanding balance on one or more credit and store cards – you will undoubtedly be able to save money by transferring your balance to another credit card.
Using a credit card abroad is an easy way to make purchases of any kind as it saves you from carrying large amounts of cash around.
It is not the same as using a credit card in the UK however, as there are two extra charges to be levied. First is the commission charge that will be added to the purchase, this will vary between credit card companies but you can expect it to be something like 2.75%. Also your money will need to be converted from the foreign currency into English pounds, and your credit card company may charge a higher rate than a bureau de change. Certainly, the cheapest way to get your money abroad is to change the money before leaving the UK – many exchange bureaus do not charge commission, you can always use your bank or the post office, whoever offers the best deal.
For peace of mind, it is probably a good idea to let your credit card issuer know that you will be using your credit card abroad, just in case you have problems with temporary "referrals". A referral asks the retailer to check with the card company before the next transaction is accepted, and some foreign retailers do not understand the difference between a referral and a blocked or declined card - so they refuse to accept the card. Add the language barrier into the equation and it’s very difficult to sort the situation out. This is a rare occurrence however if you are going to be depending on the credit card for purchases when abroad it might be a good idea to ring your credit card issuer first so they are aware.
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