Money Matters

Report by Christian D.

Credit Cards

Money Matters – Before you start your trip to the US it is very important that you think about how you would like to pay all your stuff in the states. There are several options you can choose. First of all you have the possibility to get an American credit card at a bank in the states. This has the advantage that you don’t pay a fee if you’re paying your tuition fee or if you’re ordering something on Amazon. But there are disadvantages with this solution as well. First of all, you always need a specific ATM, if you do not find the ATM from your credit cards bank; you have to pay an additional fee. Another disadvantage is that you transfer your money from your German bank account to the American one. This costs also a fee which is approximately 20€. I think this solution has lots of advantages but as well lots of disadvantages so I guess this is not the best opportunity.

Differents options for Credit Cards

On the other hand there is the idea to use a normal German credit card and pay mostly with your card during your time in the states. With this solution you do not pay anything extra for transfer or any special costs. But there is the problem that you have to pay a fee for every transaction you make. Mostly this costs you 1,75% of the bill. This is the reason why I think this is also not the best opportunity.

Fees

From my point of view, the best opportunity is to look for a credit card which offers free drawing cash at any ATM in the world. In Germany the “Deutsche Kredit Bank” offers this special deal. You have the possibility to draw cash from a German account in the US without paying additional fees. But be careful with this promise.

After my first weeks in the states I recognized in my online banking account that they charged me some special fees. As is saw this, I called the bank and they told me that I have to inform them about my extra fees, they will give me this money back. I did this and it was no problem to get those fees back from the bank.

All in all it must be said that the possibility with credit cards without carrying out fees is the best. But here it is important, that you use this feature and don’t pay with your card when you are in a store because then you have to pay the additional fees.