How does your credit card have your back when it comes to holidays?

How does your credit card have your back when it comes to holidays?

July 27, 2020

AS Covid-19 restrictions begin to lift and real life slowly resumes, there’s one thing on all of our minds – our next holiday.

Staycations are approved and some countries are beginning to allow movement so some time chilling in the sun is becoming less of a pipe dream and more of a reality.

Whether you’re planning a trip this year or booking ahead for 2021 there are lots of ways your credit card has your back.

Our Card Smart series, in association with Barclaycard, aims to help you use your credit card better and become more informed and this edition is all about travel and holidays.

Here’s how you can make the most of your summer holiday whilst being Card Smart.

Exchange Rates

If you’re heading abroad to soak up some sun, exchange rates can be really confusing. If you’ve decided to use your credit card abroad and you’re asked if you’d prefer to pay in pounds or in the local currency, it’s often best to select the local currency.

If you choose pounds, the retailer does the currency conversion and the rates can be more expensive! So always remember to pay local.
Use a currency conversion app when you're about to pay for things abroad. That way you'll know exactly how much you're about to spend.

If you’ve decided to get some cash as well as using your credit card you’re unlikely to find the most competitive rate at the airport, in a shopping centre or in a tourist area, so it’s better to plan ahead.

Consider getting your travel money online or on your local high street and you could get a better rate.

Remember, if you buy foreign currency using your credit card this counts as a cash withdrawal and it may incur a cash transaction fee.You must pay off your credit card each month or you could start paying interest.

Keep up to date

You wouldn’t go on holiday without making sure your friends or family have the right details to contact you in an emergency – and the same should go for your credit card provider.

Before you go away it’s a good idea to make sure your contact details are up to date with both your bank and credit card provider. That way, if something suspicious comes up on your account the fraud team can get in touch with you to sort it out.

Keep in check

Holidays sometimes don’t feel like real life and it can be tempting to get carried away and splash the cash – but it’s easy to keep an eye on your balance using a mobile app.

A quick glance next time you take a selfie can save the tears and heartache of scrimping and saving when you get home.

When you get home it can easy to treat your credit card like your suitcase – ignored for several weeks because you can’t face unpacking it.

However, the sooner you face up to the balance and start to pay it off the less you’ll pay in general.

Why not use the Barclaycard Repayment Calculator so you can see how paying back a little more each month can help you clear your balance faster and reduce the interest you pay.

Click here to head to the Barclaycard Travel Smart hub to find out more.

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