Travel Tip: Use your Credit Cards for everything.

Posted: November 7, 2014 in POV, shopping
Tags: , , , , , , , , ,

Your credit card has a wonderful insurance plan to cover everything you buy while on vacation.

jpm palladium card

jp morgan palladium, announcing to the world you have arrived.

You buy any product with your credit card and you lose sight of it (thieves make off with it), the insurance on your Visa/Mastercard/Amex will cover it so long as you make a police report.  Take pictures of everything you buy with your credit card as proof of ownership in the event you lose the receipt.  Document everything.  There are limits to the amount the insurance will cover but in the event of a claim, it’s easier to have the credit card company duke it out with the retailers than you fighting the retailer.  People seem to forget the credit card company relies on you for business.  You run up your credit card bills so the credit card company can make money on the percentage.  You can’t bring a retailer to its knees but Mastercard, Visa and Amex surely can and will do so.

The business of the credit card company is to go to work for you, not the other way around.  They are solely dependent on you so it’s time to use this to your advantage.  You are the client of a financial juggernaut.  To the credit card company, you represent a class of Goliaths and retailers are the Davids.

amex black card

amex centurion

On vehicle rentals, pay with your credit card so their insurance policy covers you.  You must decline all insurance through the rental car agency for the credit card insurance to provide cover.  Key word being decline.  I decided to rent a car to get around town in Hawaii to view all the tourist sites.  I took it into the bush where lava pit rocks punctured the oil pan draining all the oil from the engine.  I manage to keep driving the vehicle without oil until it finally broke down.  Rental car agency sent me a repair bill for the damage to the tune of $8k USD.  Visa’s rental car insurance policy covered every penny.

Credit cards provide a lot of protection to the cardholders.  One must be on alert while traveling and credit cards provide ease of mind.  You can do whatever you want knowing full well Visa, Mastercard and Amex have your back.  If you are in a jam, you can do a cash advance via your credit card so the monies is privy to insurance cover.  Good luck having Interac or EPS pay you out when you lose your money but credit card company has no issue with crediting the account so long as you file a police report.  The police report gives your word its weight in gold.

So long as you pay a yearly fee on your credit card, I am sure you are privy to everything visa, mastercard and amex have to offer.  The free credit cards, not so much as it may be more bare in certain instances but still provide adequate cover.  If you travel a lot it is best for you to get a credit card geared for travel reward miles etc.  In all fairness, do use your credit card frequently during travels for peace of mind.

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