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Pack your bags and prepare your finances
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Whether you're planning your trip to Vancouver or Venice, including a few financial arrangements in your preparations will help keep your credit safe and your mind free of worries while you are away:
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1. Guard against mix-ups -
Call your credit card issuers to notify them before you leave on a vacation, especially if you are traveling outside Canada. If your banks and card issuers know that you are traveling, they are less likely to put a fraud alert on your account or mistakenly block your access to the account when charges from unusual locations appear.
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2. Make photocopies of important documents -Having copies of your credit cards, driver's licenses and passports will make the replacement process much faster if you lose something important while traveling. Add a list of emergency contacts to this folder including the phone numbers of your doctor, banks and family members. Leave a set of these documents at home with a friend and store one in a separate piece of luggage.
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3. Avoid late payments -Plan ahead so you won't miss any bill payments while you are away. Online bill payment systems now make it easy to schedule a payment in advance, look for a Web address at the bottom of your monthly statements. A little preparation will help you avoid expensive late charges and unnecessary damage to your credit profile.
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4. Set a limit on your credit usage -It can be tempting to go hog wild while on vacation, but always remember to make a budget before you go. If you are going to a country where it will be hard to access automated banking machines, take travelers cheques with you in case you can't get to your cash. Keeping a record of your expenses and cash withdrawals can help you keep your spending under control while on vacation.
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5. Keep an eye on your identity -While you're booking hotels online, using your credit card in unknown places and letting the mail pile up at home, identity thieves have more opportunities to get a peek at your private information. Guard against fraud by asking the Post Office to put a vacation hold on your mail. Check the activity on your financial statements and your credit profile closely when you return to make sure your accounts haven't been compromised.
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