September 22, 2010
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Now Really, Are Excessive Fees Fair?, Pt.4
Limitations in convenience and liability.7. Cutting edge technology has begun to spread across the credit card industry in overseas but has not yet grown as it should in the U.S. The chip and PIN system is rapidly spreading overseas in Western Europe and Japan. These credit cards have a small chip embedded in them. When the cardholder makes an attempt to use the card, they must enter a PIN into the card reader in place of a signature. Those merchants that display the VISA, MasterCard, or American Express logos also accept the sign-and-swipe version of the credit card. If the merchant refuses to accept the sign-and-swipe option, be persistent. Talk to the manager and remind him/her of these major networks policy. Take notice that if you are using you credit card at a gas pump or vending machine, you have no option except to move on.
8. Prior to your trip, check your credit or debit card limits of liability. Most cards carry the same limits as in the U.S., however, there are some conditions that you must adhere to in order to be released from liability. You will see that each lender is different but most have a time limit by which you must report any fraud. If your credit card is lost or stolen, you should report it immediately. Typically, debit card fraud must be reported within 48 hours and credit card fraud anywhere between 30 to 90 days in order to be released of liability. Also remember that if your debit card is stolen, the thief could drain your account. It could take months to get your money back. The best advice; check your accounts online daily.
9. Lastly, it is always best to carry your passport on you whenever you leave your quarters. Overseas, many merchants require an ID before accepting a debit or credit card payment.