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Credit cards can prove to be very comfortable while traveling. Credit cards come in handy while traveling as you do not have to carry bundles of cash while you are on an overseas trip. You may be attracted to using hard cash but the benefits of using a credit card might overpower the cash usage. Cash can be considered beneficial as almost every merchant would accept payments made in cash in their respective local currencies. Now on an international trip, the financial aspect becomes a major factor as it is just not about having enough money but requires planning and ways in which we can make the most out of it. And this is where you can see the benefits of using credit cards while traveling overseas It clearly gets a bit difficult to manage your expenses while on an international land but it is very important for us to have a clear understanding of how we can save money and make the most benefit out of using a credit card while on an international land.
Carrying cash while traveling overseas can prove to be burdensome and would not be considered a good decision because, with such a heavy amount in your pocket, you will not be able to enjoy the trip freely, which also adds a risk factor. Hard cash might fall from your pocket or somebody might try to steal it from you. Hence, carrying plastic currency while traveling is most advisable. Though you can carry some amount of hard cash with you plastic currency would not be accepted everywhere or there may arise a scenario where your payment network is not accepted by the merchant. By saying this we mean that you may be carrying a Diners Club card with you but the merchant accepts only MasterCard or Visa Credit Cards. Hence carrying cash is important but should be carried in low amounts. Usage of credit cards should be promoted as it provides various benefits while on an international trip.
Advantages of using Credit Cards while traveling overseas
Safety
The first and the foremost reason behind using a credit card while traveling overseas is for safety purposes. If in any such unfortunate circumstance where you might lose your cash or is stolen, it is gone forever. You will be in a panic situation as to how well you manage your expenses now. But with credit cards in your hand, there are fewer chances that you will encounter such a situation. But even if you face such a situation where you accidentally lose your card or your card is stolen, you can immediately report it to the respective customer care of your bank and you will not be responsible for any inappropriate transactions taking place through your card.
Foreign Transaction Fee
Whenever you initiate a transaction through your credit card, you are charged a small percentage of that transaction amount by your card issuer as a fee for processing such a transaction. This fee usually ranges between 1.5% – 3.5 % of the transaction amount [excluding GST (Goods and Service Tax)]. Generally, no separate currency conversion fee is charged. You can always take advantage of such cards that provide a low foreign currency mark-up fee. Premium and super-premium travel credit cards and normal credit cards charge a low fee for foreign currency transactions. Super-Premium cards such as HDFC Diners Club Black Credit Card offers and HDFC Infinia credit cards provide a low mark-up fee of 2% on all the foreign transactions done through these cards. If you are one proud owner of such cards, you should always carry these cards which have a low foreign currency mark-up fee and prefer making transactions through these cards.
Travel Benefits
Premium credit cards and travel credit cards offer various added benefits such as complimentary international lounge access, complimentary buffet at hotels, etc. So. before you make any international bookings, you should always study in detail what all benefits your credit card provide to you while traveling internationally. Study all the teams and conditions in detail enclosed with your card so that you can take the maximum benefit of your card. As an international traveler, you might have a few hours of halt in between before reaching your final destination. So, with the help of your credit card, you can just sit back and relax on the couch in the lounge and enjoy the perks of having a credit card.
Rewards and benefits
Credit cards come with Reward Point benefits which means now you can earn reward points on any transaction done through your card. In some cases, the points are credited in the form of Reward Points but in some other cases, the points are credited in the form of AirMiles of the partnered airlines of the card issuer bank. The reward points earned can be redeemed against flight and hotel bookings or, either against the product catalog of the respective bank.
Secondly, if we have earned rewards in the form of AirMiles, then these points can be redeemed against flight bookings of that particular airline. Extra reward points are also credited to your account if you spend a pre-defined amount from your credit card in the previous year. Cards may come with exclusive benefits which allow you to make your bookings through the rewards you have earned which can help in reducing the overall cost of the trip.
Best Credit Cards in India for International Transactions (on the basis of less or no Foreign Currency Mark-up Fee)
- RBL Bank World Safari Credit Card
- Club Vistara IndusInd Bank Explorer Credit Card
- IndiGo 6E Reward XL HDFC Bank Credit Card
- HDFC Bank Infinia Credit Card
- HDFC Bank Diner Club Black Credit Card
Bottom Line
When you travel internationally, the benefits of using cash may overwhelm you, but the benefits of using a credit card are way more than using cash. Not only does a credit card provides you with security from theft or robbery but also provides you with immense benefits while on your way to your travel destination. Benefits such as complimentary lounge access, concierge services, airport pickups (in case of super premium cards), discount on hotel bookings, booking of flights through the points or miles that you have earned, etc. While if in case you are traveling with cash in your pocket, you will have to be very careful and protect yourself from the sharp eyes of the robbers. In addition to the safety feature and various other benefits, the use of credit cards will also help you in building your credit history if you keep paying your credit card bills on time and who knows, you might take advantage of even more benefits while on your next international trip by getting a super-premium credit card because of the great credit history that you have built.
