If you plan to travel overseas this summer -- perhaps a
last-minute getaway to the Summer Olympics in London -- you might
want to consider getting a new credit card before you go. As
Kiplinger's Personal Finance
senior reporter Joan Goldwasser recently wrote, banks in more than
60 countries have switched to cards with micro-chip technology
rather than magnetic stripes. As a result you might have trouble
using your magnetic-stripe card because some card readers overseas
no longer accept them.
The Kip Tips iPad App
Joan listed three credit cards that offer both a stripe and chip
in her story
Credit Cards You Can Count on Overseas
. Now more issuers have added -- or plan to add -- chip technology
to their cards, says Bill Hardekopf, CEO of credit-card comparison
Citi Platinum Select Visa
: No annual fee but foreign transaction fee of 3% of U.S. dollar
amount of the purchase.
Citi Thank You Preferred
: No annual fee but a 3% foreign transaction fee. Earn 1 point for
every $1 spent on all purchases. Points can be redeemed for cash,
gift card, travel rewards and more.
Hyatt Visa Signature
: $75 annual fee but no foreign transaction fee. Earn 3 points for
every $1 spent at Hyatt properties and 1 point for every $1 spent
on all other purchases. Points can be redeemed for free nights at
Hardekopf says that Bank of America announced this week that it
will add chip technology to several of its cards, including Merrill
Lynch credit cards, BankAmericard Travel Rewards, BankAmericard
Privileges and Virgin Atlantic Travel credit cards. Bank of America
will upgrade existing holders of these cards if they are identified
as international travelers, he says.
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