The "Loan Xperts" Blog

          Tips for Travelers This Holiday Season

Number 1:
Anytime you travel you should make photo copies of all of your credit cards airline tickets and documents, both front and back. You should leave these photocopies with a friend, and had a copy of these Xeroxes in your luggage. That way if you ever lose a credit card you can get it canceled right away. The majority of problems with the cancellation of credit cards occur when you travel internationally. Many travelers forget who the credit card is with, it's then many wasted hours calling United States and trying to find out which bank or institution the credit card was with. That's where the photocopies come in handy.

Number 2:
If you travel with someone, especially a husband or wife, I would make sure you travel with individual credit cards in separate names. The reason for this is simple. Many families have one credit card issued to them. Many families have one credit card account number one have individual cards issued to each person. The problem with this is if one person were lose their credit card, the others person's credit card would be canceled also, and you would have to wait until card was sent to you and three to five days. By each traveler having his or her own separate credit card, if one was lost, you could survive on the other credit card for a few days until the other is replaced.

Number 3:
Automatic Credit card deactivation can spoil a vacation. Some banks and credit unions cut off credit cards that are used 6 or more times in one day, to try and stop thieves from using stolen cards. If this happens to you overseas, you may find it difficult or impossible to have your card reactivated. Before going on an overseas trip on which you will use your credit cards, notify your credit card companies that you will be away overseas. This will let then know that your card has not been compromised.

Number 4:
You always read tips about making photocopies of your credit cards when traveling and placing these copies in the bottom of your luggage. This tips is given by individuals in the proper spirit, however this can actually put you at greater risk of experiencing credit card fraud. Anyone who winds up with your luggage will have access to your credit card numbers and expiration dates. Anyone rifling your suitcases can take the copies or make copies of your copies for their use, ordering merchandise via the telephone.

Instead, if you want to keep a copy of your credit card numbers, do so of the front and back so you have the phone numbers to call your bank if needed but most importantly, block out (making sure it cannot be read) or cut out the expiration dates and names on the face of the cards. This will make it harder if the copies fall into the wrong hands.
While your liability in stolen credit card cases is limited to $50/card, this can quickly add up if multiple cards are involved.

Number 5:
When traveling abroad and using a credit card, watch out for the conversion fee that many banks charge to convert charges in foreign currencies to dollars. As with traveler's check- some banks do and some banks don't charge a fee, generally 1% of the purchase amount. So if you have several cards, it's worth checking with the issuers to see which one offers the best deal on foreign currency con- version. Then weigh this against other factors. Note: The conversion fee is not included in the legally required disclosure box that appears in credit-card promotional material. Even with the conversion charge, many times ATM machines will have the best possible exchange rates and the lowest fees.

Important:
Have your PIN number converted to four digits before departing on a trip, as most foreign ATMs will not respond to six-digit PINS.

Many foreign ATMs only accept four-digit PIN numbers. If your PIN is longer, check with your financial institution about changing it before you leave the country. Sometimes it's as simple as going to your own bank's ATM and changing it yourself.

Apart from ATMs, the best locations for exchanging U.S. into foreign currency are banks, the biggest ones you can find. They offer fairly decent rates and low fees, and do much better for you than the commercial money-changing kiosks and storefront establishments. Never use the latter.

Credit Card Fraud: 21 Tips to Protect Yourself

Although credit card fraud is certainly on the rise -- and credit card fraud on the Internet is rising even more dramatically -- many savvy Internet shoppers know that the reality is that it's actually much safer to enter your credit card number on a secure online order form than it is to give your credit card to a waiter at a restaurant.

After all, what's to stop the waiter from writing down your credit card number and placing orders on the phone with it later?

And research shows that the rate of fraudulent purchases made by cell phones is much higher than credit card fraud on the Net.

Nevertheless, we encourage you to take precautions when giving out any confidential information (including your credit card number) over the Internet, over the phone... or anywhere else for that matter!

Always use common sense -- it is the best rule of thumb.

Nonetheless, we are sharing 21 tips to protect yourself from credit card fraud -- which you'll find below.

Internet ScamBusters' 21 Credit Card Fraud Prevention Tips:

1. Keep an eye on your credit card every time you use it, and make sure you get it back as quickly as possible. Try not to let your credit card out of your sight whenever possible.

2. Be very careful to whom you give your credit card. Don't give out your account number over the phone unless you initiate the call and you know the company is reputable. Never give your credit card info out when you receive a phone call. (For example, if you're told there has been a 'computer problem' and the caller needs you to verify information.) Legitimate companies don't call you to ask for a credit card number over the phone.

3. Never respond to emails that request you provide your credit card info via email -- and don't ever respond to emails that ask you to go to a website to verify personal (and credit card) information. These are called 'phishing' scams.

4. Never provide your credit card information on a website that is not a secure site.

5. Sign your credit cards as soon as you receive them.

6. Shred all credit card applications you receive.

7. Don't write your PIN number on your credit card -- or have it anywhere near your credit card (in the event that your wallet gets stolen).

8. Never leave your credit cards or receipts lying around.

9. Shield your credit card number so that others around you can't copy it or capture it on a cell phone or other camera.

10. Keep a list in a secure place with all of your account numbers and expiration dates, as well as the phone number and address of each bank that has issued you a credit card. Keep this list updated each time you get a new credit card.

11. Only carry around credit cards that you absolutely need. Don't carry around extra credit cards that you rarely use.

12. Open credit card bills promptly and make sure there are no bogus charges. Treat your credit card bill like your checking account -- reconcile it monthly. Save your receipts so you can compare them with your monthly bills.

13. If you find any charges that you don't have a receipt for -- or that you don't recognize -- report these charges promptly (and in writing) to the credit card issuer.

14. Always void and destroy incorrect receipts.

15. Shred anything with your credit card number written on it.

16. Never sign a blank credit card receipt. Carefully draw a line through blank portions of the receipt where additional charges could be fraudulently added.

17. Carbon paper is rarely used these days, but if there is a carbon that is used in a credit card transaction, destroy it immediately.

18. Never write your credit card account number in a public place (such as on a postcard or so that it shows through the envelope payment window).

19. Ideally, it's a good idea to carry your credit cards separately from your wallet -- perhaps in a zippered compartment or a small pouch.

20. Never lend a credit card to anyone else.

21. If you move, notify your credit card issuers in advance of your change of address.

If you suspect credit card fraud:

If your credit cards are lost or stolen, contact the issuer(s) immediately.

Most credit card companies have toll-free numbers and 24-hour service to deal with these emergencies -- they are eager to avoid credit card fraud.

According to US law, once you have reported the loss or theft of your credit card, you have no more responsibility for unauthorized charges. Further, your maximum liability under federal US law is $50 per credit card -- and many credit card issuers will even waive that fee for good customers. 

If you follow all these tips, it will go a long way in protecting you from credit card fraud.