Personal Finance

Are you about to go on a big trip overseas? Have you already booked your tickets for Italy and now you're just counting down the days? As part of your planning, you've probably wondered if you can use your debit card to get cash while you are abroad. The answer is yes, which will probably make your life a lot easier as you're wandering the streets of Rome or a tiny Tuscan village -- after all, nobody wants to sight-see with a big clump of bills in their pocket.

Little difference between credit and debit

Foreign countries might view debit cards a little bit differently than here in the United States. The line between a debit card and a credit card, for example, is often blurred.

Hit those ATMs when you can

Additionally, many countries in the developing world may not deal with debit cards and credit cards as much as we do, and that could translate into ATMs being few and far between. In Nicaragua, for example, there are only a handful of ATMs on the entire Caribbean coast of the nation. If you're traveling there you need to use your debit card at the airport or in a major city and get the cash you need before you head out.

Watch out for fees

It should also come as no surprise that international use of our debit card will result in hefty one-time fees for using your debit card abroad. As you're probably aware, banks and credit card companies are aggressively looking for new sources of revenue in these crazy economic times, and a good rule of thumb is "if they can slap a fee on it, they will." (Once they slap the fee on the transaction, the next step is to raise that fee, of course.) These fees can often be leveled as a percentage of your transaction, so big withdrawals can result in bigger fees.

To learn more about using your debit card in other countries, debit cards, cash withdrawals, ATMs and other banking topics, be sure to consult with a banking professional.

America is awash in rewards cards. As a marketing tactic, to say that they have caught on is an understatement. The big question people ask about rewards cards, however, is whether they're actually worth it or not. The answer to that is the unsatisfying "depends on the card, and it depends on the rewards."

Rewards cards seek to build brand loyalty. Supermarkets, coffee shops, movie theaters and even dry cleaners all offer rewards cards (or some sort of accrual incentive) in order to get your business on a consistent basis. Incentives such as airline miles are a form of rewards card, too.

Determining whether rewards cards and other accrual incentives are worth it will depend on a number of factors.

Factor 1: What is the reward?

The first is the nature of the reward. A coffee shop, for example, may offer a rewards ticket, where they punch a hole in your card until you've reached ten coffees, and at that point you'll get your eleventh free.

Cards like that are probably the most valuable in terms of saving you money because they're not compelling you to buy another product -- like a buy-two-to-get-one-free deal, which makes you shell out more cash -- in order to save money. In this example, the reward you're getting is worth it because the coffee's a part of your daily life (and for many people, the foundation of their day's sanity).

Factor 2: How often do you shop there?

Another factor in determining whether a rewards card actually saves you money boils down to your specific purchasing frequency. For example, if you go to the same supermarket whenever you need to buy food then it makes sense to get one of their rewards cards. Everyone needs food, and we need it all the time.

The same goes for your airline miles. If you travel a lot it makes sense to stick to one airline in order to build up your mileage account so you can then blow it all on a dream trip. That's a reward that's clearly worth it.

When rewards cards aren't worth it

When rewards cards aren't worth it is when you're just not going to use them very often, or when you don't care for the reward. In those instances rewards cards will just clutter up your wallet and possibly drive you crazy when you have to find a card you actually need. Additionally, you may not care for the reward being offered. Sometimes people just don't want a satin sweatshirt with a garish logo emblazoned it, even if it's free.

Approach rewards cards with common sense. Are you going to be frequenting the specific establishment with any regularity? Then it probably makes sense to get their rewards card and enjoy the payoff they're offering for your loyalty. If the rewards card is from a store in a city you're just passing through, then why bother? The good news is that rewards cards don't cost you anything, so they're relatively risk-free.

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