RVers Benefit From Credit Cards, Debit Cards and ATMs While on the Road

When my grandparents were full-time RVers back in the early 80’s they had the advantage of credit cards but still had to write physical checks and pay the bills by mail. Today you can pay your credit card bills over the phone or by internet. Also, ATM machines are ubiquitous providing modern RVers with multiple access points to cash and banking services.My brother-in-law calls these crisp $20 bills "Yuppie Bucks." Modern banking has greatly enhanced the RV lifestyle but there are hazards to avoid. From the time American Express issued their first credit card in 1958 quickly followed by the BankAmericard (now VISA), Americans have been relying more and more on easy credit. According to the Federal Reserve the average American family has two to eight credit cards and carries a balance equal to 5% of their annual income. Approximately 40% of Americans pay their credit cards off monthly (which is good practice). My recommendation is to carry as few credit cards as possible. The fewer cards the less tracking you have to do and spending less time on the phone and more time enjoying RVing. Two years ago I purchased a new set of tires for my 5th wheel somewhere in Montana. Since I’m from Oregon my credit card company didn’t want to approve the $1200 charge until they spoke with me in person. Credit card fraud is a big problem so you may need to go through this drill from time to time. When I interviewed American Express spokesperson Monica Beaupre she recommended RVers use a mixture of payment options when traveling including credit cards, Debit/ATM cards, travelers cheques and cash. You’ll need the cash for meals, tips, shopping, refreshments, entertainment and incidentals. Using a credit card is a great way to track your spending and provide a record of all your purchases. Today credit card companies like American Express offer travel insurances including purchase protection, dispute resolution, emergency assistance, and 24 hour card replacement if lost or stolen. You can also enroll in credit card programs that offer incentives like cash-back, air miles and various other rewards. The average credit card interest rate in America is around 13.5%. Be aware that some credit card companies like Discover use the Two-Cycle Average Daily Balance method of computing finance charges which effectively doubles your charges when compared to the standard APR computation method. Bottom line, pay off your balance on time each month and you won’t have to worry about those nasty finance charges. Charging down the RV road - Jim Twamley, Professor of RVing