Are credit cards widely used in Belgium

Credit cards

You can get both Visa and Mastercards from your bank in connection with a current account. American Express and Diners Club credit cards are also widely used, but these are issued directly by the company and are less common in shops and restaurants.

A normal credit card costs around € 20 to € 50 a year, depending on the card type and the range of services you have chosen (gold, platinum, etc.). With some cards, travel insurance or other insurance is included in the annual fee. When applying for a credit card, you will need to identify the bank account from which the monthly balance will be paid. The contract includes a direct debit authorization that authorizes the credit card company to automatically debit the payments from your account. You will receive a monthly statement that you will receive ten days before the debit so that you can raise an objection if the wrong amount is to be debited.

Before you get hold of a credit card, it's a good idea to compare the costs and benefits of the different cards. As with your bank account or other forms of membership, you must submit a written cancellation at least one to two months before the expiration date of the contract if you do not want to pay the costs for the next year as well.

If you have a bank account abroad, it makes sense to keep your foreign credit cards. Using a credit card issued abroad, for example, has the advantage that the bills can be paid up to six weeks after the transaction. During this time, you have an interest-free loan, unless you are using the card to withdraw money and the interest is due immediately. You could definitely find it more convenient and cheaper if your payments are made in euros and not in a foreign currency, e.g. in US $, where the payments are different depending on the exchange rate. Some banks charge a fee of 1% to 2% of all credit card transactions originating outside the country for international transactions, regardless of whether or not another currency is involved in the transaction.

If you lose a credit card (or other debit card) or discover that someone is making fraudulent purchases with it, you should urgently report the situation to the credit card company. Otherwise you may be held liable for all items incurred until you report the loss. However, your bank will give you the number of a 24-hour hotline where you can report the loss. Some credit card companies charge their customers a fee of € 10 to € 20 if they lose their card, which has nothing to do with the amount incurred as a result of fraud and theft. However, it is often possible to insure yourself against the loss of your card or to pay a certain fee that relieves you of all responsibilities. You should also go to the police to report the incident and file a complaint.

Even if you don't like plastic money and avoid all forms of credit card, you should know that credit cards have a lot of advantages, such as no security deposit when renting a car, no deposit on hotel reservations, etc. Cards are also much safer , more convenient and flexible than cash. They are particularly useful abroad and when you want to buy something over the Internet.

By Just Landed

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