As the world continues to trend toward cashless transactions, credit cards have become a household necessity. Managing a credit card responsibly is crucial to establishing credit history, which directly impacts your approval and interest rate for future lending, understanding credit cards—and how to use them!—is a must.

Here’s a run-down of all you need to know about credit cards.

How Credit Cards Work

When you use a credit card to pay for a purchase, you’re borrowing money from the financial institution that issues the credit card. You will be approved for a credit limit that you can charge, that is typically based on credit history, credit score, and relationship. Once approved, each month, you will then be sent a bill to repay the money you’ve borrowed on your credit card. 

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Your bags are packed, your itinerary is set, and you’re counting down the minutes until you take off for your dream summer getaway. Before you head out to the airport or get in your car for a road trip, though, read through this checklist of important things people tend to forget before leaving for vacation.

1. Contact Your Financial Institution

Give us a call at (877) 937-2328 before you set off on your vacation. By notifying your financial institution of your vacation plans, they’ll know to honor any card transactions you make when abroad or in a different state. If you’re planning to go overseas for your vacation, be sure to check in to any foreign transaction fees and map out your plan early so you know the best ATMs to utilize to avoid extra fees.

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Let’s take a closer look at the pros and cons.

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