Spring break is just around the corner. Then it will be time for summer vacations.
There are some things you should remember as you travel and many of those things have to do with money.
Whether you're traveling by yourself or as a couple, it's a good idea to divide up your money and credit cards. "So that maybe in your wallet you've got some cash and you've got some credit cards but maybe somewhere else in a safe location, maybe you've got a spare card and you've got some extra cash so that if you do experience a problem, you're not left without anything," said Ken Newman with Central Pacific Bank.
Newman also says it's a good idea to keep your card numbers, credit company phone numbers and a copy of your passport in a safe place as well. "One thing that can be very helpful is contact your bank, contact your card issuers. Depending on the types of fraud monitoring that they do, let them know that you're going to be in a particular country and then let them know if you're comfortable with them allowing those transactions to take place," said Newman.
Credit cards are good to have, obviously, but is there an alternative? "Aside from credit cards, pre-paid debit cards are also a good option. So you got a card that's not linked to your regular checking account so if something happens, that card can't be drained, but it just has a defined amount of cash on it. Sometimes you can even have multiple cards with multiple denominations."
Newman says, it's a good idea to keep them in different locations. There was a time when travelers checks were the gold standard when you were on a trip. "But Today, that's not quite the case anymore. And it's actually easier if you've got credit cards because again, there's security and protection around that card. There's fraud detection, there's limited liability in terms of loss and so it's more and more common now for people to stay away from travelers checks," Newman added. The added advantage of the credit card is having a complete accounting of how you spent your money.
