Toothbrush. Check. Underwear. Check. Cellphone. Check. Credit cards. Check. You’ve packed your bags for your family vacation, but before you head out to the airport you might want to make sure you packed the right plastic.
Whether you are traveling to Yosemite or flying half way around the world to the rainforests of Brazil, family trips can cost a lot of money. That’s why it’s important to check your wallet before you jet off to Hong Kong, Thailand… or Topeka. Not all credit cards are created equal. For example, travel experts recommend you leave your debit card at home. At first, I questioned this suggestion, but the more I thought about it the more it made sense. After all, if you lose your debit card on vacation (or if it stolen) you risk losing a ton of money. Credit cards, on the other hand, give you more protection under the law.
Another thing to consider when deciding which cards to bring with you on your trip is benefits. Some credit card companies offer automatic insurance, which comes in handy when you are renting a car. Other cards will cover your medical bills if you’re injured on a flight. Some even offer baggage insurance, so if your bags become a victim of the airline you stand to get some money.
Other credit cards offer money saving discounts, which are useful when you are traveling to other cities. For example, most credit card companies have retail partners that give cardholders 10, 20, and some cases 30% off bills at restaurants, hotels or major retailer. My best friend recently received a voucher for a hotel spa because she stayed at a participating resort and paid for her room with a particular credit card.
Financial experts say if you aren’t getting bonuses for using your card you aren’t trying hard enough. They recommend being proactive and persistent. Before leaving on your trip ask your credit card company what they can offer you. In some cases creditors will lower your interest rate (at least for a few months during the summer vacation season) or offer cash back for using your card at gas stations. Financial experts also say the key to getting a good deal is to have several cards. By doing so you have some leverage when you call the companies and ask for deals.
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