April has been Credit Card Question and Answer month here at Financial Elite. We continue with Part 7 with information provided from an article from SmartMoney about the little known rules that are costing you money and putting your credit, your identity and your family at risk.
Remember travelers checks? Yes, I know those are a blast from the past- and now days credit cards has pretty much replaced travelers checks as the preferred method for making purchases abroad. Credit cards are widely accepted overseas, and they can be used in ATM's all over the world to dispense cash in the currency of whatever country you may be visiting at the time, making it very convenient. But buyer beware of hidden charges. Some banks have recently raised the rates on currency conversion from 1% to 3%. On top of that, ATM usage has its own fees attached.
Consumers Union recommends studying your credit cards' policies on foreign currency purchases before you leave home, then adjusting your spending accordingly. Credit cards issued by smaller banks may have lower fees, as do certain brand-name cards. American Express, which has long positioned itself as a card for travelers, charges a flat 2%.
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