Minimize Credit Card Expenses | Five ways to Curb Overseas Expenses

Credit Cards

Credit cards have great utility when you are on a vacation. It saves you the pain of carrying a lot of cash. Also, you don’t have to worry about misplacing or losing cash, currency conversion, etc. But frequent use of credit cards while you are overseas will also increase the cost of your vacation. Every time you swipe, you pay some extra charge. In this blog, we tell you how you can minimize credit card expenses when you are overseas. Read on to find out more.

Five ways to Minimize Credit Card Expenses when Overseas:

Credit Card with Rewards

If you have a credit card that charges on overseas transactions, which most credit cards do. You can at least sign-up for a credit card that offers rewards on overseas transactions. There are plenty of credit cards in the market which has various lucrative offers on display for overseas expenditures. Keep in mind your spending habits and sign-up for the one that suits you best.

Compare the Fees 

If you have multiple credit cards, which I assume you have, then you need to compare the fees charged by all of them. Look out which one charges more and which one is charging you relatively less. However, you may notice that for most Master Card and Visa there won’t be much difference between the overseas charge. Calculate the currency exchange fee and add the cross-border transaction fee to find out which card is giving you better rates. Also, we recommend you get in touch with the bank and find out the following information:

• Whether it is a Visa, MasterCard, or Amex
• Discounts on transactions overseas and currency exchange fee overseas
• The bank issuing the card

Have a Multi-Currency Account

If you travel abroad very frequently, then you may consider opening a multi-currency account, to minimize credit card expenses. This will allow you to exchange currency at your own whims. And your debit card will be good enough to use for all your expenses when you are overseas. So, you don’t have to wait in long queues at currency exchange stores while you are enjoying your holiday. Don’t forget the risks that come along with your debit card but it’s a decision you have to make. Credit Card or Debit Card?

Don’t Pay in Singapore Dollars

One important tip to always keep in mind is that don’t pay Singapore Dollars when you are traveling internationally. Choose the local currency as when you pay in Singapore Dollars abroad you are charged a dynamic fee. It is also known as the dynamic currency conversion fee. Be careful, check with a retail outlet or cashier and request to pay in the local currency.

Multi-Currency Mobile Wallet

Don’t want to open a multi-currency bank account? Don’t worry! You can still enjoy all the benefits with a multi-currency mobile wallet. This is a mobile application that you can download on your phone and you are good to go! These applications will allow you to pay in multiple currencies when you are abroad and you do not have to pay any extra fees as well. You save the hassle of cash loaded wallet and make your travel easier. There are plenty of multi-currency wallet apps like TransferWise, InstaReM, YouTrip, and many more. With the help of digitized apps, you can minimize credit card expenses.

Credit card in Singapore