Are you planning to travel abroad with your MasterCard credit card?
Are you nervous about how you are going to manage your purchases and your finances when you are on international borders? These are some of the most common questions that many credit card users face. Some of us don't even use our credit cards when we travel outside the country. This is because many of the leading credit card companies and banks charge a foreign transaction fee. Now a very strong argument for not using a credit card on foreign land is that this transaction fee totally negates all the value of the rewards that you get on your credit card. These transaction fees are a total rip off and a lot of credit card users have understood this trick played by banks and financial institutions on them. This is why a lot of them have switched to more reputable and trusted options such as MasterCard credit cards. And also the declining use of credit cards overseas has sent out a very clear and unavoidable message to various credit card providers in the industry that the user has become more intelligent and cautious with their purchases. Some of the leading credit card issuers have also announced recently that they will drop these fees on some of their credit cards which are primarily of the premium category. And many other banks have announced that they will eliminate the fees on several of their credit cards. Whenever you are planning a trip outside the country, it is important that you contact your credit cards comparison company and ask them about the foreign transaction fee beforehand. Also let them know where and when you are travelling so that you can get a better idea of the fee you will be paying at the end.
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A secured credit card needs cash as a deposit of security. The deposit diminishes any risk to the issuer and this makes the card a viable option for people with bad or no credit. Here’s a list of some of the benefits of a secured credit card: When you cannot get approved for a traditional credit card, you can always get approved for a secured credit card. Making payment for the security deposit takes away the credit risk from the credit card issuer. In contrast to a prepaid credit card which lets you make electronic payments, a secured credit card reports your account history to the credit bureaus so that it gets included in your credit report. A secured card makes way for a great credit cards for bad credit. As payments get included in your credit report, paying timely and managing your balance helps improve your credit score. Once you’ve built your credit score, you can qualify for a regular credit card. You get to earn interest on your deposit. Certain secured credit cards place your deposit in a savings account that is interest-bearing. You may also be able to earn a few bucks depending on the amount of time your deposit stays in your account and the interest rate. In case you default on your payment, your security deposit gets used. If your defaulted balance is higher than your deposit, you will get sent to collections for payment defaulting. Even though your card issuer will keep your deposit, you are not required to worry about debt collectors harassing you for missed payments on the card. |
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