On this trip, I hope not to have to use credit cards often. Due to the economy in Argentina, US Dollars are getting a premium in a black market known as Dolar Blue. The current government exchange rate is $1 = 6.1 pesos compared to $1 = 9.85 pesos at Dolar Blue. For this reason, I might be paying for everything in cash. However, traveling with credit cards is a must. The only things I can foresee using credit cards there is for hotels, expensive meals and /or large purchases.
Now back to the question, which friends (credit cards) do I take with me?
The credit cards I have are:
Alaska Airways
US Airways
IHG
Delta AMEX
Hyatt
Hilton AMEX
Southwest Premier
Club Carlson
Chase Ink
United
Debit Card
Banana Republic
US Airways World
Chase Sapphire
The number one thing I am looking for in a credit card is one with no foreign transaction fees. The following cards offer that benefit:
IHG
Hyatt
Southwest
Chase Ink
United
Chase Sapphire
As we can see, my Chase credit cards are the ones without foreign transaction fees.
The next criteria is to look at what I will be charging: hotels in Miami area &n Buenos Aires, restaurants and some transportation, etc. Looking at my spending needs, lets look at what I will earn:
IHG - 5x at IHG hotels, 2x at Restaurants
Hyatt - 2x at Restaurants
Southwest - 1x on all spending
Ink - 2x at Hotels
United - 1x on all spending
Chase Sapphire - 2x at Restaurants, Hotels, Transportation
With this information, my Hyatt, Southwest and United credit cards provide no real benefit for my travel needs. That leaves the following:
IHG
Ink
Sapphire
Final Decision:
I am going to bring three cards with me: IHG, Sapphire and my debit card.
The Ink Bold provides the same benefits (2x on hotels) as the Sapphire. However, the Sapphire offers 2X on transportation and restaurants that the INK does not.
Why the debit card?
To take out cash. Its always smart to bring a debit card with you. Cash is king in many societies and your ability to access it is key. Before you leave, you should notify your bank that you are traveling overseas. Failure to do so could result in your debit card being frozen and your access to cash cut off. To get your card back in order, a phone call must be made to your bank's security department. While overseas this could be costly and timely and even then they might not turn your card back on.
Sapphire and IHG pack your passports, we are going on vacation.
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Withdrawing money from an ATM will only get you Pesos and the banks will give you the 6:1 FX rate. You're much better off bringing USD with you from America.
ReplyDeleteI plan on bringing nice "clean" USD. Looking at the difference in rates, I can carve time out to go visit the "Blue" However, I am still bringing the old debit card as an emergency backup plan.
ReplyDeleteThe one card that stood out to me on your list was Banana Republic, all the rest involve travel. What is it about BR that made you get that as your one store card?
ReplyDeleteI am a big BR fan. I buy way to much of their clothes and they offer great discounts for having the card. How I go it? I think they offered me a good discount to apply and I am sucker for savings money. Also, a no annual fee credit card is really good for your credit as it builds a lengthy credit history.
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