The Best of Bankrate

Plastic across the pond: Best card features for travel

Before you head overseas, make sure that you’re packing the right credit card. Some make better travel companions than others.

As you check to see if your passport is up to date, also size up the cards in your wallet to avoid getting slapped with foreign transaction fees. Those can run as high as 3 percent every time you swipe — which means if you charge $4,000, you’ll be hit with $120 in fees.

A credit card bearing an airline’s brand name can be good to have, because those can offer free checked bags, priority boarding and other perks to make your travel experience smoother. 

A card issued by a major bank with international partnerships might allow you to avoid ATM fees if you need cash while you’re outside the U.S.

And a card with “travel protection” can provide some coverage similar to travel insurance, but it’s much more limited in scope.

Find more tips and details here.

Home insurance to-go: Protection past the property line

You buy homeowners insurance to protect your property. But there are instances when you can get your coverage to-go.

Standard homeowners insurance includes “off-premises coverage” that will continue to cover your belongings and liability virtually anywhere.

Say your luggage disappears. You may receive compensation from the airline, but you can also claim the loss against your home insurance policy, though you’ll be responsible for the deductible amount.

If stuff you just bought is stolen out of your car post-shopping spree, those purchases would also be covered. You might want to check with your credit card first, though, because it may also offer purchase protection.

If you happen to injure someone or damage property away from home, your homeowners liability coverage should pay the medical or other bills and cover your legal defense for any claims or lawsuits.

Without savings, you will fail. That is all.

What your junk mail says about you

Forget horoscopes and tea leaves. If you really want to get an accurate reading of yourself, walk to your mailbox.

The industry calls it direct mail, but you call it junk mail.

Have piles of credit card offers? You’re probably regarded as a reliable borrower. Just don’t be fooled by flattering words like prequalified, or preapproved … you’ll still have to apply, just like everyone else.

Getting offers for debt relief, debt reorganization or bankruptcy services? Then you might be on a “bad credit” list somewhere. Take it as a sign to check your credit report.

Want to stop receiving junk mail? Look for ways to opt out, such as at DMAchoice.org and OptOutPrescreen.com

How to handle car buyer’s remorse

Regret buying a car that busts your budget?

Most of the time, you’ll just have to live with it, but there may be some circumstances where can persuade a dealer to take a car back.

A dealer typically has no legal obligation to take a car back. If you’re having regrets, you can try setting up a meeting with the dealership manager and calmly making your case. They may consider cancelling the purchase, especially if you’re acting on behalf of someone else, such as a college-aged child or an aging parent.

If you want to return the car because of mechanical problems or because you feel you were generally ripped off on the price, you may have recourse under state laws.

But if your buyer’s remorse comes down to payments that are higher than you can afford, you’re probably out of luck. The dealer may be willing to consider a trade down to a less expensive model, but chances are slim.

Down payment assistance is still out there

Too many people assume they could never become homeowners because they can’t come up with a down payment.

But help is available. There’s a wide range of homeownership programs that offer down payment assistance.

And you don’t have to be poor to qualify. Most of these programs will lend a hand even if you earn as much as 120 percent of the median income for your area.

Having some savings and assets won’t necessarily disqualify you, either.  In fact, you may be encouraged to keep several thousands of dollars in the bank as an emergency fund.

Recipients may have to attend homebuying classes to collect the dough.

Check out both government agencies and private lenders. One program at Wells Fargo offers $15,000 grants to homebuyers who need down payment help in cities harmed by the housing market downturn.

What sellers need to know about mortgages

Home sellers with plenty of offers may be tempted to go with the highest bidder.

But how the buyer will pay is just as important as how much they’ll pay.

Cash offers are always attractive to sellers, especially considering failure to obtain financing is the main reason deals don’t get done. But cash buyers usually expect a discounted price. And though nonpayment is rare, a cash offer isn’t a guarantee.

Borrowers shop with prequalification letters to demonstrate their ability to pay for a house. But not all letters are created equal. Sellers would have to verify whether the borrower is qualified, well-qualified or just barely qualified.

FHA and VA loans carry a stigma with sellers. These government-backed loans require sellers to pay to fix certain defects. And VA loans require sellers to pay certain closing costs that might otherwise be shared with the buyer.