[SPONSORED BY RATEHUB.CA]
March Break is just around the corner and many Canadians are gearing up for their winter getaway. As Canadians, we’re pretty diligent when it comes to finding the best hotel rates and flight prices, but could we be missing out on more? From credit card side perks to foreign transaction fees, there are many things Canadians might not know about that could help them save a lot of money.
● Mistake #1. Not reading your credit card details. This is the biggest mistake of all. As boring as it may be, it’s important to review your credit card details so that you can take full advantage of everything that comes with it.
● Mistake #2. Not taking advantage of credit card side perks. There’s more to most reward credit cards than just the rewards, and you might not even know about them. Some of the best travel credit cards can come with huge perks including everything from trip cancellation/interruption to travel medical and airport lounge access to free checked bags. There’s also a lot of lesser known perks – things like purchase protection, mobile insurance and hotel room upgrades.
● Mistake #3. Buying too much insurance. We hear about people being under insured all the time, but there are also times where a person might be over insured. If you have a rewards credit card, you could have comprehensive travel insurance or car rental insurance included, and depending on how much you travel, a card that already has this coverage could save you hundreds of dollars a year. But if you aren’t aware and are paying for separate coverage, you could be losing out on these savings.
● Mistake #4. Not being aware of foreign transaction fees. Most credit cards charge foreign transaction fees whenever we pay for something in a foreign currency. That’s an additional 2.5% on top of the exchange rate when you purchase things. If you’re someone that spends a lot in other countries, you may want to look at cards that have no foreign transaction fees.
● Mistake #5. Using the wrong credit card. You did all your research to get the best deals on flights and hotels – but don’t stop there. Make sure you’re considering your credit card too. With travel rewards credit cards, you earn points on all your everyday purchases. Even if you only take one trip a year, this type of card can be beneficial – your rewards can help cover part of your trip, or even let you travel for free.
A little about Ratehub.ca – they help Canadians take control of their money and guide 5 million Canadians every year to the best mortgage rates, credit cards, savings accounts, and insurance rates.
To learn more about how they help Canadians find the best credit cards and loyalty programs for them, check out their credit card calculator here.