Credit Cards Internationally

jbiersteker · Post by **jbiersteker** » Sat Mar 16, 2013 7:12 pm

Greetings!!

Thank you so much for those that responded to may last e-mail concerning banking in Korea. My next question is in regards to credit/debit cards. This could be for people in Korea or any other country.

Do you use your cards from home (where they can be used) or do you get cards from your new country?

Thanks!!

PsyGuy · Post by **PsyGuy** » Sat Mar 16, 2013 7:28 pm

I use both. I use my cards from home when paying pills or ordering products online from american business and use local cards when buying goods and services locally. Most cards (Visa/MC) have a 3% currency exchange fee when making purchases in a foreign currency. You also have security risks and subsequent limitations/restrictions associated with using cards internationally.

Depending on your school and bank you may be offered a credit card when your school has your bank day. In general most ITs dont qualify for a credit card right away. Debit cards are less common in general overseas. You typically get an ATM card that can be used at POS terminals at various merchants. These cards have Cirrus, Plus, Maestro, etc logos on the back of the card. You typically dont qualify for a credit card in S.Korea for 3 months too a year depending on the bank and how much "status" your school has.
Credit cards arent as widely accepted as they are in the USA depending on where you are. Cash is still very much the preferred medium of commerce in many parts of asia, and many places that do accept credit cards (visa/MC) will add on the merchant transaction fee or percentage to your transaction if you use credit.Outside the USA chipped credit cards or "Blink" cards that use a RF chip are far more common then magnetic swipe cards and many merchant transaction terminals do not have magnetic swipe readers on their POS terminals. In such cases a merchant will have to key your card number and increases the likelyhood of your bank declining the transaction for security issues.

While not my experience if your going to one of the elite schools in S.K. you are likely to be offered a credit card when you arrive. if its really important to you to get a credit card when you get their, head over to one of the university campuses at he beginning of the school year and you will find a number of banks set up and offering gifts to open an account with them and often lower their credit application requirements as an incentive at these times of the year.

heyteach · Post by **heyteach** » Sat Mar 16, 2013 9:27 pm

My last two schools both set up bank accounts, which issued debit cards that could be used at POS terminals as well as ATMs. I highly recommend you apply for a home-base credit card with no foreign exchange fees; I use mine for leasing a car, paying for hotels and air tickets, and when I'm traveling to other countries. It racks up a lot of points, and there is no annual fee. The card is paid in full each month.

Alexandru · Post by **Alexandru** » Sat Mar 16, 2013 9:37 pm

My first school set up a debit card for me. The second school set up an ATM card for me and told me that they didn't have debit cards in the country. The third school (in the same country) set up a debit card for me.

Mike · Post by **Mike** » Sat Mar 16, 2013 10:05 pm

Capital One does not have the 3% fee for overseas use. And they give you 1% cash back.

shadowjack · Post by **shadowjack** » Sat Mar 16, 2013 11:12 pm

Credit card in the home country used not much. Credit card in the host country, used as main card because we earn our salaries here. Also, why pay an exchange rate? Or an exchange rate twice if we are travelling overseas (our credit card often will give us the option of paying at the terminal in local currency or our host country currency, which is kind of nice :-)

antitravolta · Post by **antitravolta** » Sat Mar 16, 2013 11:20 pm

Here's some information on credit cards that should be useful:

http://www.nomadicmatt.com/travel-tips/ ... edit-card/

mathgym · Post by **mathgym** » Sun Mar 17, 2013 12:25 am

3rd intl school, 3rd country (2in Asia, 1 in Central Europe). All three places I had a local debit card pretty much right away.

heyteach · Post by **heyteach** » Sun Mar 17, 2013 11:56 am

I'd heard about the Capital One card, but upon investigation decided against it as I refuse to pay an annual fee. I got Bank of America's Travel Rewards card, which has no annual fee, no foreign transaction fee, and gives you 1.5 points for each dollar of a purchase, and 3 points if I book travel through its travel center. I like the travel center as you plug in your destination and six airlines with routes and fares will show.

expatteacher99 · Post by **expatteacher99** » Sun Mar 17, 2013 12:49 pm

My Capital One card doesn't have an annual fee or a foreign transaction fee, so I tend to use it quite a lot. Sometimes I'll get local debit/credit cards, but sometimes I don't bother with it.

Mike · Post by **Mike** » Sun Mar 17, 2013 12:49 pm

i have never paid a fee for any credit card... including capital one.

heyteach · Post by **heyteach** » Sun Mar 17, 2013 1:05 pm

Wow, they were definitely charging an annual fee when I looked at them. The first year was free, then the fee kicked in. How strange you got a card for free.

expatteacher99 · Post by **expatteacher99** » Sun Mar 17, 2013 1:31 pm

I tried to look mine up and it just says "Visa Signature." Not sure if that's actually the name of the card or not. I remember browsing through lots of Capital One choices when I got that. I vaguely remember seeing that the cards with annual fees had higher rewards percentages, but I opted for the free card with no foreign fees. It also came with 0% interest for the first two years! :D

Credit Cards Internationally

Credit Cards Internationally

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