[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/how-to-save-money-on-credit-cards-and-travel-with-barry-choi\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/how-to-save-money-on-credit-cards-and-travel-with-barry-choi\/","headline":"How To Save Money On Credit Cards And Travel With Barry Choi","name":"How To Save Money On Credit Cards And Travel With Barry Choi","description":"How To Save Money On Credit Cards And Travel With Barry ChoiWatch this video on YouTube This episode is about smart ways to use credit cards and consolidation loans to help you pay off your debt. Barry also discusses how to get more bang for your dollar when it comes to vacations. Barry Choi is […]","datePublished":"2020-02-10","dateModified":"2023-04-13","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/adrian\/#Person","name":"Adrian","url":"https:\/\/rkillen.ca\/author\/adrian\/","identifier":11,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/83c9d81e4aa2dc5936e06b9059fd4e195f1f91bcd60ccfc5e28f98dd86bae8b8?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/83c9d81e4aa2dc5936e06b9059fd4e195f1f91bcd60ccfc5e28f98dd86bae8b8?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2020\/02\/how-to-save-money-on-credit-card.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2020\/02\/how-to-save-money-on-credit-card.jpg","height":720,"width":1280},"url":"https:\/\/rkillen.ca\/how-to-save-money-on-credit-cards-and-travel-with-barry-choi\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=r_tqDuQlSa0#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=r_tqDuQlSa0","name":"How To Save Money On Credit Cards And Travel With Barry Choi","description":"https:\/\/rkillen.ca\/podcasts\/ How To Save Money On Credit Cards And Travel With Barry Choi- Finance & Travel Expert\n\nThis episode is about smart ways to use credit cards and consolidation loans to help you pay off your debt. Barry also discusses how to get more bang for your dollar when it comes to vacations. \n\nBarry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. Richard Killen is a Toronto Licensed Insolvency Trustee and author of the book \"The Glass Is Half Full\".  \n\nSome of the topics they discuss are:\n\nUsing the balance transfer option offered by credit card companies.\nWhen should we consider a consolidation loan to pay off debts?\nAre travel rewards credit cards worthwhile if you owe money?\nShould you get different credit cards for travel?\nTips for setting up a vacation budget.\nHow to save money on air travel.\nHow to get the most out of cruises and tours.\nDo I require a prepaid credit card when I travel?\nHow to get \"The Cost Of Travel Free Guidebook.\n\n\nContacts:\nBarry Choi\nbarry.choi@moneywehave.com\n416 720 0997\n https:\/\/www.moneywehave.com\n\nBarry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. Barry has been on City, CTV, Global and numerous other TV programs. He also is a regular contributor to many financial and travel publications. His blog \u201cMoney We Have\u201d is one of Canada\u2019s most trusted sources when it comes to money and travel.\n\n\n Richard Killen & Associates Ltd Scarborough West\n https:\/\/www.g.page\/killenscarboroughwest\n Licensed Insolvency Trustee and Licensed Consumer Proposal Administrator\n 2130 Lawrence Ave, E  #402, Scarborough, ON M1R 3A6, Canada\n Tel: +1 416-285-9511\n https:\/\/rkillen.ca\n Personal bankruptcies, consumer proposals and debt counselling. \n Contact us for a fresh start (888) 545-5365\n This may be the most stress-relieving call you will ever make!\n\nRichard Killen and Associates have 10 locations across the Greater Toronto Area.\n\nThe Glass Is Half Full\nTo be a guest on the show, please visit https:\/\/theglassishalffull.tv\/be-a-guest\/","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/r_tqDuQlSa0\/default.jpg","https:\/\/i.ytimg.com\/vi\/r_tqDuQlSa0\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/r_tqDuQlSa0\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/r_tqDuQlSa0\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/r_tqDuQlSa0\/maxresdefault.jpg"],"uploadDate":"2020-02-07T18:35:06+00:00","duration":"PT25M40S","embedUrl":"https:\/\/www.youtube.com\/embed\/r_tqDuQlSa0","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCBnlR4W4vfP3HN-fTV8pH8g#Organization","url":"https:\/\/www.youtube.com\/channel\/UCBnlR4W4vfP3HN-fTV8pH8g","name":"The Glass is Half Full","description":"Richard Killen is a Licensed Insolvency Trustee who has seen first hand many people struggle with debt and the stress that financial problems generate. Many families are living paycheck to paycheck and this weekly show is all about helping people in this community with little or no money to do more with less.\n\nIn this show, Richard and his guests will share their expertise and share their stories. Some topics may include:\n\nHow to get out of debt\nHow to reduce stress caused by financial problems\nHow to buy products and services for less\nVarious ways to save money\nHow to enjoy life and have fun with little or no money.\nInexpensive vacations\nPeople sharing stories on how they overcome obstacles\n\u2026 and endless other topics\nThe show is an interview style talk show that is filmed locally in Toronto or via Webinar for guests that are from outside of Toronto.","logo":{"url":"https:\/\/yt3.ggpht.com\/ytc\/AIdro_nNWVcqPrZwGj4XwfnZ4zMT-Dm31Nb9WA0WhjYioTpT2A=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject","@id":"https:\/\/www.youtube.com\/watch?v=r_tqDuQlSa0#VideoObject_publisher_logo_ImageObject"}},"potentialAction":{"@type":"SeekToAction","@id":"https:\/\/www.youtube.com\/watch?v=r_tqDuQlSa0#VideoObject_potentialAction","target":"https:\/\/www.youtube.com\/watch?v=r_tqDuQlSa0&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=r_tqDuQlSa0#VideoObject_interactionStatistic_WatchAction","interactionType":{"@type":"WatchAction"},"userInteractionCount":27}]]},"about":["Credit","Financial Advice","Interviews","Videos"],"wordCount":5424,"articleBody":"How To Save Money On Credit Cards And Travel With Barry ChoiWatch this video on YouTubeThis episode is about smart ways to use credit cards and consolidation loans to help you pay off your debt. Barry also discusses how to get more bang for your dollar when it comes to vacations.Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. Richard Killen is a Toronto Licensed Insolvency Trustee and author of the book “The Glass Is Half Full”.RichardHi, I’m Richard Killen. Welcome to the Glass Is Half Full. The show that tries to get people to get a better bang for their buck, even if they’re kind of short on the bucks. So today we’re joined by Barry Choi. Welcome, Barry.BarryThank you for having me.RichardI have\u00a0to read this\u00a0Barry to make sure I get it right. Barry is a\u00a0Toronto\u00a0based\u00a0personal finance and travel expert who frequently appears on City TV,\u00a0Global,\u00a0CTV and other TV programs.\u00a0He is\u00a0also a regular contributor, to many financial and travel publications, and his\u00a0blog\u00a0“Money We Have” is one of Canada’s most trusted sources when it comes to both finance and travel. So once again Barry\u00a0thanks for joining us.BarryNo problem.RichardToday I’d like\u00a0to cover both\u00a0of the aspects of finance\u00a0and travel. Okay, so I’d like to start with personal finance, maybe on the basis that if you don’t have any money whatsoever and no credit cards\u00a0you are\u00a0not going to\u00a0travel very far anyway.\u00a0I think you’ll agree with me when when I say that\u00a0credit cards are the most ubiquitous, the most common form of personal credit in Canada.BarryDefinitely.RichardAnd with everybody 18\u00a0or over has at least one.BarryThey should.RichardIf not 12. I don’t agree with 12.BarryDon’t ask me how many I have.RichardSo I’d like to start off\u00a0with\u00a0credit cards.\u00a0One of the things about credit cards, if you’re in the credit card business, to promote the card,\u00a0to\u00a0push your product, use many gimmicks,\u00a0shall we say?BarrySure, yeah.RichardSpecial offers.\u00a0One of the most common\u00a0ones, certainly that I’ve heard of, is the\u00a0balance transfer\u00a0usually based on interest.\u00a0Can you explain that to us?BarryYes,\u00a0so the thing about balance transfers,\u00a0it\u00a0seems like a gimmick, but I think it’s one of the best options out there, especially for people who have run up debt\u00a0on their previous credit cards. Because usually when you look at an offer\u00a0you are\u00a0talking\u00a0about points, cash back, benefits for airports or whatever, but what the balance transfer options, you’re basically guaranteed a lower interest rate when you sign up by transferring your previous balance to this new card. One good example is, and\u00a0MBNA\u00a0tree line gold card. It\u00a0has a 0% interest rate for nine months. It comes with a $39 fee and 1% bounce transfer fee. But you know, 0% obviously is much lower than, say, the 19.99% that you’re currently paying.RichardYes, I know there is a difference.BarryYeah, huge, huge difference\u00a0right?\u00a0And even then, there’s the nice thing about that. even if you can’t pay off the entire balance right away, the balance or\u00a0interest rate goes up to\u00a08.99 or 12.99 depending on what\u00a0you have.\u00a0Which is still lower than what you’re paying before. The key thing is to understand that if you’re going to do this\u00a0balance transfer it’s not just to, like constantly balance transfer to avoid paying your bills. The whole goal is to pay down your balance, right?\u00a0So if you are to\u00a0continue picking up debt with your new credit card,\u00a0it doesn’t matter. You’re going to\u00a0run\u00a0into a\u00a0whole eventually.RichardNow, obviously, this\u00a0depends how you handle your cards. There’s nothing…BarryThat’s right.RichardLike if you’re paying your card off the end of every month, you’re getting down to zero of every month. You really don’t have a credit card there, do you?BarryYou have no debt, right? Like that’s a beautiful thing about credit cards when used responsibly. Not only do you build a good credit score, you can reap all the benefits from the points you earn or\u00a0the cash back that you\u00a0earn.RichardSo, on whole,\u00a0it’s good to take advantage of these things, depending on what it is you’re transferring, and how much…Barry100% depends\u00a0on the situation.RichardWe’ve all kind of pretty well, everybody, I hope has heard about the term consolidation loan, but it may not be 100% sure how that works.\u00a0Can you flush\u00a0that out\u00a0for us?BarryYeah, generally\u00a0speaking, is you get one big loan at a lower interest rate, I’m going to\u00a0make up this number. Let’s just say you get that loan for 7%. Well, then, with that loan, you pay off all your other debts. So if\u00a0we are talking about those\u00a0credit cards that\u00a0have 19.99%. Maybe your car financing is 10%. So you’re getting this loan with\u00a0a lower interest rate to pay off all your other loans.\u00a0The key thing to remember this, these loans are kind of open ended,\u00a0so you can continue to pick up debt if you’re not careful. So you can’t just accept this loan thinking that well, I’m going to\u00a0do this. You really need to have a plan to pay off your debts.RichardSo, you have seven or eight credit cards,\u00a0and you owe a\u00a0grand total of $30,000,\u00a0will say $40,000,\u00a0so you would go and you would get a loan from a bank, from\u00a0finance\u00a0company or whatever,\u00a0that is offering you an interest rate, which is going to be better than what the credit cards\u00a0are.BarryPresumably. Exactly. You take that\u00a0amount\u00a0you get, pay if\u00a0off. But\u00a0you also\u00a0really have to\u00a0pay attention to the terms of that loan\u00a0because it\u00a0may be\u00a07%,\u00a0but it might be a floating rate where it could change at any time.\u00a0Or, keep in\u00a0mind, sometimes they may\u00a0call that loan back and you don’t have that money handy,\u00a0you actually\u00a0end up\u00a0with more debt.RichardBut in this you’re changing from one type of credit to another. You’re changing from revolving credit to a fixed credit where you’re paying both interest and principal down over a scheduled period of time.BarryExactly. So that’s where you had to really\u00a0read the details.\u00a0There are\u00a0all these different types of loans you can get. Sometimes people get\u00a0an interest only loan, for example, and they don’t realize that they’re making the minimum payments,\u00a0but in reality, they still haven’t paid back anything.RichardThat’s for sure. If all you’re doing is paying the interest.BarryExactly. People just don’t realize that.RichardYeah, but one of the things that I’ve found, in my business,\u00a0is that people get a consolidation loan. But, perhaps the lending institution that gave him the loan didn’t insist on cutting up the credit cards or something like that. Or maybe they did and the\u00a0credit card company sent him new ones and things like that, and within a couple of years or something,\u00a0the consolidation loans still has three years to go, but the credit cards have gone back up to perhaps even as much as what\u00a0they owed\u00a0when they got the consolidation loan.BarryI think secretly, that’s the goal of the lenders, right? They want to make money off you. They’re not just…RichardWell, we shouldn’t be cynical about these things.BarryYou know? Okay, let’s just say\u00a0that’s right.RichardIt’s unfortunate.BarryIt is definitely unfortunate, that’s why I was saying, you need to have that plan of attack. That right.RichardThat’s what you were talking about.BarryExactly. So you take that loan and pay off your highest interest debt first, so you can just reduce the amount of interest you are paying, and maybe right away you lower, or either maybe cut up the card. It’s a good thing to do right away. You can’t spend it if you don’t have access to the card or you lower your limit. If you know you’ve had spending issues and problems or close some cards. Maybe just get down if you had 7 or 8 cards may be going down to one or two of the lower limit. Just get some self-control and educate yourself, and I think even gotten as far as getting this consolidation loan. You’re smart enough to realize that you might have a problem and you want to learn from it.RichardHopefully, but\u00a0the\u00a0thought process will have started to move in that direction anyway.BarryExactly.RichardHopefully, yeah.\u00a0Just\u00a0to\u00a0segway a little bit into the travel side of things that we’re going\u00a0talk about a little bit later,\u00a0Barry. I understand you’re a bit of a fan of travel rewards.BarryI like travel rewards,\u00a0with credit cards, yeah.RichardI don’t fully understand them, but maybe it’s because I don’t take advantage of\u00a0them like perhaps I should, I don’t know, educate me on this.BarryYeah, it’s pretty straightforward. You know, when you sign\u00a0up for a new credit card to travel when they offer you a nice generalized sign up bonus. But there’s always conditions you got to spend\u00a0“x”\u00a0amount\u00a0before\u00a0“x”\u00a0date, usually three months, right?\u00a0And, then you earn points on all your purchases, which can then be redeemed for\u00a0a discount on travel. The key thing is, as we already discussed, is, you have to pay off your balance in full every single month because what good is earning 3% in travel rewards if I’m paying close to 20%\u00a0in\u00a0interest, it makes no sense.\u00a0But quite often people can just fool themselves into thinking that no, I deserve justification. When it’s a good deal, it’s\u00a0quite often not, right?RichardLet the emotional side of decision making take over.BarryThere’s no doubt a lot of people suffer from\u00a0(fomo) fear of missing out. They see on social media what their friends\u00a0are doing, and they know they can do it, too. But they have to put it on credit. And unfortunately, you know, sometimes you think its people who don’t have any money or low income. They’re taking\u00a0(wrenches). But you know you could have a good salary and just abuse or credit cards at the same time.RichardI see that a lot. In fact, that’s one of the reasons people get\u00a0a\u00a0lot of credit is because they have a good salary and they’re able to make the payments.BarryWell, that’s the key thing\u00a0we’re talking about travel rewards. The higher salary you get, you qualify for better credit cards, which better benefits, better rewards. It’s really easy to get more debt\u00a0if you don’t pay it off.RichardThat’s for sure. On the subject of all of the travel and that, would it be advisable,\u00a0and\u00a0there are credit cards that lend themselves to this to have one or\u00a0a\u00a0couple of credit cards that are\u00a0designed for travel and others for domestic use?BarryYeah, for me, it’s like it’s not like a travel credit card that you’re using just for travel. It’s just the type of rewards you’re earning, right?\u00a0So you can use them domestically\u00a0or internationally. There again, it’s\u00a0the\u00a0type of\u00a0rewards\u00a0you want\u00a0to earn. And so you know, the West Jets got their own credit card,\u00a0Aeroplan\u00a0has theirs. But then each bank has their own travel\u00a0program where you\u00a0can earn points. That said there are certain credit cards that may\u00a0are\u00a0designed\u00a0specifically for\u00a0all in one\u00a0use. Scotiabank released the passport credit card\u00a0a few years back, which gives you no\u00a0foreign transaction fee. So it saves\u00a0you\u00a0a minimum of 2.5% whenever you make a purchase in a foreign currency. So, yeah, you could argue that that is a great card to be using internationallyRichardNow that you mention foreign currency. I was going to ask you about\u00a0are there\u00a0cards that are advantageous in terms of what we call it currency\u00a0exchanges?BarryYeah, definitely. So I mentioned that\u00a02.5%\u00a0in a lot of people who are watching us right now might be like, what\u00a0are you talking about? I don’t get charged that fee. What they don’t realize is that it’s baked right into your exchange. So if you’re buying something in U. S. Dollars when you see the Canadian\u00a0amount, the extra 2.5% is already in there unless you have a credit card that doesn’t charge foreign transaction fees. Fortunately, over the last couple of years in Canada, it’s become a big issue. So there are more and more credit cards available. There’s almost like 10 credit cards now that in Canada has no foreign transaction fees. But if you go back three\u00a0years, there’s only two, so\u00a0there are\u00a0more and more options, and just each card is different\u00a0so\u00a0you got to do a little bit of\u00a0research.RichardI guess that the whole idea of transaction fees is another question, too, isn’t it?BarryYeah, it’s crazy how many fees we pay, right?RichardHow crazy is it?BarryWell, I guess the foreign transaction fee is just 2.5% right, But it’s on any foreign currency like these days. People are buying things online,\u00a0US dollars. So why pay\u00a0a premium when you don’t have to? You just apply for one credit card that\u00a0doesn’t charge\u00a0you\u00a0the fees and you save every single time. So it’s not like a huge amount if you’re buying something\u00a0small. But over time it definitely adds up. The way I look at it, let’s just say I looked at all my trip expenses. If I was going to Italy, the amount in fees I pay could be the same as one nice meal while I’m there. So I’d rather have that nice meal than pay fees.RichardNow you mentioned Currency exchange fees on that. But what other kinds of transaction fees should we\u00a0guard against if we’re thinking of using credit cards?BarryWell, you know, it depends like a lot of people you know,\u00a0there are\u00a0cash\u00a0advance fees right where you don’t want to get into that because that’s where you’re paying to access money that you don’t have and you pay a higher interest\u00a0fee, as\u00a0far\u00a0as credit cards are concerned….RichardWhen you get a cash advance, usually\u00a0you start paying interest on that money, right?BarryRight away. Right? And yet pay a higher interest fee.RichardAnd higher interest.BarryThat’s right.RichardIs there a separate fee on this?BarryThere might be. It just depends on\u00a0the\u00a0terms of conditions of your card, every card is different.\u00a0Generally speaking, most credit cards don’t have a fee\u00a0when you use them, unless it’s a cash advance and international. But again, it really depends.RichardSo\u00a0Barry, I\u00a0said we’d eventually get into the travel side of things, right?\u00a0Because our audience presumably is looking for some information\u00a0and\u00a0let us call them\u00a0tips, on how to get that better bang for the buck.BarrySure.RichardSo, now\u00a0I’m going to\u00a0ask you for some tips.BarryYeah.RichardBut we’re going over to travel side of things.BarryOkay.\u00a0All right.RichardSo most of the people watching are probably\u00a0are\u00a0family people, have\u00a0children and all that. What tips can you give us about getting\u00a0more\u00a0from,\u00a0you know, a single family holiday, we’ll\u00a0say?BarryIt really depends on your budget. So that’s where I like to start\u00a0more than anything else. If you want to make travel\u00a0part of your family life, you got to\u00a0set money aside for it.\u00a0You know a good example,\u00a0and I’m throwing out a random number here, right? If you were able to put aside $500 a month, that would give you $6000 a year. That may seem like a lot of money for some people like, to put aside that\u00a0amount. But, you know, I’m just throwing out these numbers there,\u00a0just\u00a0as an\u00a0example. You have\u00a0to remember\u00a0that you can’t necessarily travel\u00a0every single year. So if you don’t have that much\u00a0amount saved, wait for next year, right? I didn’t try every single year when I was younger. But once you’ve got that money set aside, you could do whatever you want with it, right? Because the key thing is, you’re not dipping into your credit cards or any lines of credits to pay off for your traveling, and that’s where I like to start it and then, you know, based on what your budget is, then you start descending where you can go so If you’ve got a lower budget, maybe you take think about closer to home, road trips, right? Or taking advantage of the things that are going on where you live. A lot of events in the summer, you know, we’re based in Toronto. The city of Toronto throws on tons of events. You could spend every single weekend doing something within this city and not pay a penny.RichardI know of some of those, you know,\u00a0that’s part of the action, right? The idea that you’re trying to end your vacation with less\u00a0debt\u00a0or there’s no more debt than what you started with, right?BarryYou should never go into debt for vacation as far as I’m concerned.RichardHow do you like that straight line,\u00a0Barry?\u00a0Are there some things you can tell us about saving money on air travel?BarryYeah, well, the easy thing and this is really hard for families\u00a0are the offseason travels obviously the quickest way to save money. You know, a good example is you\u00a0to try to fly to Europe from Canada;\u00a0you\u2019re looking at,\u00a0probably $1000 right.\u00a0But if you were\u00a0to go like, you know,\u00a0right now,\u00a0September or\u00a0October,\u00a0it\u00a0may not be September or\u00a0October when you guys are watching this,\u00a0but the point is, it’s off season.\u00a0A\u00a0flight might cost you anywhere from\u00a0$600 to $800,\u00a0so you think about that’s 20% savings right there. On top of that, because you’re traveling during offseason hotels are typically 20 to 25% cheaper,\u00a0also.\u00a0Another easier\u00a0way to save, in my\u00a0opinion, is to\u00a0literally sign up for every single newsletter out there, airlines, and tour operators. And the reason I say that is because they let their readers know right away when there’s a sale. So if you know there’s a sale and you can see discount another\u00a0good\u00a0example, Air Canada vacations quite often\u00a0rent\u00a0promotions where kids stay for free, right?\u00a0That’s a great deal, but you just got to know about that promotion.RichardAnd then they bombard you with this stuff.BarryThey totally do, because they want you to buy,\u00a0they\u00a0want you to spend\u00a0with them, right? You do have a problem with those things is you got to\u00a0have some self-discipline. There are some people out there who will see these deals and be like,\u00a0why I got to\u00a0go because it’s such a good deal. Well it’s not a deal if you got to\u00a0pay back later and you don’t have the funds availableRichardIt never is, is it? Combination\u00a0bookings?BarryYeah, packages could be good. It depends on how you look at it. If you’re\u00a0doing\u00a0an all-inclusive resort, quite often, it makes more sense to go through, say, Air Canada vacations,\u00a0Sun Wing, West Jet\u00a0vacations. But if you’re also looking to book your flights, hotels and say, a car\u00a0rental,\u00a0Expedia.ca\u00a0is probably one of the best solutions. Yeah,\u00a0they openly advertise it and\u00a0I’ve read\u00a0the numbers in the past and it works. And nice thing about Expedia is you don’t need to book all three things at the same time. So,\u00a0let’s say, you book your flight and you decide a week later, you know, I’m going to\u00a0get a hotel, and then another week later, you’re like,\u00a0oh, I\u00a0need a car\u00a0rental. If they give you, like, basically a window where it’s\u00a0as long as you\u00a0book everything,\u00a0eventually, you still get the savings.RichardSo you’re not locked into having planned everything.BarryThat’s right.RichardRight down to the….BarryExactly. And they remind you, right, they’re\u00a0like, hey, you know, you have two more weeks to save on X amount. So\u00a0they want you to\u00a0book with them, right?RichardReally? Would they say that?BarryThey do.RichardHow do you feel about cruises and tours?BarryTours, I actually think are really good value. People don’t like tours because this is like, I don’t want to get on this big giant bus with, you know, 100 other people. And it’s not fun. Well, it’s an insane way to\u00a0think about it. There are literally probably 1000 different tour operators out there, so it’s a matter of finding the right tour\u00a0that makes sense for you, your lifestyle, and the type of adventure you want. I did a tour with\u00a0Intrepid\u00a0Travel a couple years back, and there are only eight people on the tour. It’s fantastic, right? And when you break down the cost of everything, meals that are included, which isn’t always included the guide, the\u00a0accommodations and the transportation, it’s a pretty good value. More importantly, I hadn’t spent any time planning.\u00a0Cruises are\u00a0a\u00a0little bit trickier because each cruise is\u00a0so different. And what I don’t like about cruises is the fact that you basically pay a base price. You pay for every single upgrade, but you got to\u00a0pay for gratuities. You got to\u00a0pay for the nicer restaurants. Obviously, if you’re going to\u00a0go to casino on the\u00a0ship, you\u00a0have to pay\u00a0there.\u00a0 There’s every day excursions to, right, so you could avoid all that if you wanted,\u00a0but most people will spend a little bit extra\u00a0on cruises.RichardI’ve had a couple of people work for me who very, very, into tours,\u00a0practically\u00a0every year, the cruises,\u00a0much the same thing because the big selling point to them was, they unpack once\u00a0and\u00a0they pack once.BarryThat’s right.RichardIt’s like their hotel moves with them.BarryIt’s experience, right? There’s no doubt some\u00a0cruises\u00a0like, you know, you think about the\u00a0cruises that go through Scandinavia\u00a0or the\u00a0Mediterranean like,\u00a0just think about planning that on your own,\u00a0say,\u00a0you pack\u00a0once\u00a0to take you\u00a0there. It’s great. So I do actually think cruises can have a lot of good value. People just got to realize that it’s not necessarily just the base price you are paying. There will be extras you’re going to\u00a0pay because you’re not going to sit on the ship the entire time while docked in some new exotic\u00a0destination. You’re going to\u00a0go explore, right?\u00a0You’re going to\u00a0go buy. Go shop.RichardWhat you’re saying? Basically, is there two types of tours, right? Is the tour that essentially is focused on you just having fun. It’s almost like the casino tour where the casino goes with you and you\u00a0dock here in there and you want to\u00a0go off and buy some things at the local market or something? But then, the essence of the tour is what the ship can provide. I’m sorry,\u00a0the cruise.BarryYeah.\u00a0You’re basically paying\u00a0for access to the cruise.RichardThe Mediterranean cruise that you mentioned,\u00a0you’re going from here to there, and then you\u00a0get off and you\u00a0visit and you come back\u00a0to your hotel. Your hotel moves over to the next place.BarryThat’s pretty much it. That’s exactly it.RichardThey’re different tours.BarryIt’s a unique experience.\u00a0Where\u00a0cruising it, is great. It can be fun, but not everyone’s into it.RichardThis kind\u00a0of difference is between a cruise\u00a0and a\u00a0tour.BarryWell, I’m talking about\u00a0cruise ship versus a bus tour, right?RichardYeah. I know what you mean. The one the Mediterranean one that I described. There is more of a tour than a cruise.BarryWell, no, it’s a cruise. If you’re on a cruise ship it’s a cruise, right? It’s not a tour, it’s a cruise.RichardOne lady\u00a0I’m thinking about\u00a0used\u00a0to always say, I’m going on a trip.BarryShe’s going on a cruise, assuming\u00a0she’s\u00a0on a boat.RichardI used to argue about that,\u00a0too.\u00a0Interesting.\u00a0Is there any\u00a0particular Garden of Eden out there for us?\u00a0Is there any\u00a0particular place that you recommend people to set their eyes on for in terms of this tour, cruise?BarryWell, every time with destinations, it depends on what\u00a0you are\u00a0looking for. It’s so hard. Different budgets, right? Like I said,\u00a0if you’re flexible, you can get a lot of deals out there as far as I’m concerned. Cruising,\u00a0again, flexibility. Good examples,\u00a0I was talking to my mother the other day and she found a cruise\u00a0coming out of Vancouver about six nights ending in Los Angeles, including airfare.\u00a0It\u00a0was $1200. That’s like actually really cheap when you think about it, cause the flight alone was about\u00a0$600. So, you know, 6 or 7 nights on a ship, some stops. It’s like you said, basically a hotel for a week that travels with you\u00a0and\u00a0all the meals. I’m like,\u00a0that’s\u00a0a pretty good price, right?\u00a0That’s because she’s retired and\u00a0she can\u00a0just jump on a plane next week and it won’t matter, right?RichardBut for $1200 for a week. Most places you’ll stay will\u00a0charge you close to that.BarryYeah, exactly,\u00a0right?RichardAnd it doesn’t move.BarryBut I also like to look at other destinations. To me, it’s kind of like,\u00a0what’s trending and what has good value.\u00a0It sounds a bit crazy,\u00a0but,\u00a05-6 years back, after Egypt was going through the Middle East crisis\u00a0and\u00a0Egypt\u00a0uprising, as soon as\u00a0they elected a new president,\u00a0I was like,\u00a0I’m going because it’s like they got a new president and\u00a0everything’s safe. And more importantly, everything was like 50% off\u00a0still. So sometimes you got to\u00a0look at the situations around the world.RichardDid you write about that?BarryTake\u00a0advantage.\u00a0I think I did. I don’t remember.RichardI think my sister in law must have read it.BarryI’m not saying, like, you know, put yourself in any danger going. You were crazy, but you could be smart about your travelsRichardWith credit cards, since they’ve replaced the traveler’s checks,\u00a0what can you tell us about, number one is avoiding the devastation of losing all your cards and the inconvenience of things?BarryYeah, it’s tricky. You just got to be smart about your surroundings. Just be smart about how you use your credit card. Number one whenever you travel most of the times, you still need to let your credit card provider know that you’re traveling so you don’t get\u00a0locked out when you make purchases.\u00a0And\u00a0being smart,\u00a0you know, if you’re going to a heavy tourist area that’s known for pickpockets, you know, maybe you’re wearing your wallet in your front pocket\u00a0or\u00a0you put your bag in front of you. You can’t make yourself a target, right? I know it’s easy for me to say that, but you don’t need to be aware of your surroundings, and also people forget, is that when you go home, what you should also do is change your pins right away. Because in the event that used terminal that was compromised, they still usually need your pin to actually\u00a0make a transaction. So even if they cloned\u00a0your card,\u00a0you change\u00a0your PIN,\u00a0it’s no good to them anymore.RichardRight.\u00a0Prepaid cards.\u00a0How do you think of them in terms of travel?BarryDepends on how you look at it, right?\u00a0Like the old traditional prepaid cards that people are probably thinking\u00a0in\u00a0their heads right now, is where you could be able to take advantage of an exchange rate early, which is not bad, but prepaid cards, as weird as it sounds, it’s\u00a0not always accepted everywhere.\u00a0These days there are\u00a0better prepaid options in the sense where you just, loadable credit cards like\u00a0Stack and\u00a0CoHo, that use\u00a0a Visa and\u00a0MasterCard networks that are more internationally recognized. I like them,\u00a0but, you know how we’re talking about credit cards without foreign transaction fees. I still think that’s the cheapest way. So why would you go with the prepaid when you’ve got a credit card without foreign transaction fees?RichardSo in terms of travel, you’re\u00a0not a big fan of them?BarryPrepaid cards, not at all.RichardFor domestic\u00a0use,\u00a0so certainly, in my world, that prepaid cards are a very positive\u00a0thing to\u00a0have. I won’t explain\u00a0why.\u00a0This is\u00a0about\u00a0you talking about travel. But speaking of that, I understand that you\u00a0publish or you have a guide called\u00a0The\u00a0Cost\u00a0Of\u00a0Travel.\u00a0And my God, Barry, it’s freeBarryIt is free.RichardHow does one get that?BarryJust go to my website, moneywehave.com and a box\u00a0will\u00a0pop up, saying sign\u00a0up for my\u00a0newsletter.RichardSounds tricky to me.\u00a0Tell us what the guide covers?BarryLiterally, everything\u00a0you\u00a0need to\u00a0know.\u00a0A\u00a0few things we already talked about,\u00a0setting up your budget,\u00a0how to save on flights, how to save on hotels, travel\u00a0insurance, picking your destination. It’s just like a little\u00a0guide I wrote.\u00a0I don’t even\u00a0remember how\u00a0many\u00a0pages; I think it’s like, 50 or something.\u00a0Of all the travel tips I’ve learned over the years that have helped me save money. And funny thing is, once you know these tips, it’s like they’re just in your head. There’s nothing really special. People just don’t know how to take advantage of things that are right in front of them.RichardAnd keep your back, back on the front.BarryI guess\u00a0technically,\u00a0that\u00a0saves\u00a0you money.RichardIn the crowd.\u00a0And on subways.BarryThere you go.RichardSo thank you very much for joining us.BarryYeah, no problem.RichardHere’s a little gift. Put\u00a0it this way, so that folks can see it. It’s a\u00a0book. This is why we call this,\u00a0The\u00a0Glass\u00a0Is\u00a0Half\u00a0Full. It was written to emphasize the value and the importance of attitude in turning whatever negative situation may find yourself in whether it be somebody stole your backpack or something when your Geneva or you just run out of,\u00a0you’ve overspent on your credit card here in Toronto, doesn’t matter. A negative situation could be turned into a positive opportunity with the right attitude.\u00a0I’m sure I tried to put that into print.\u00a0Thanks again for joining us!"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"How To Save Money On Credit Cards And Travel With Barry Choi","item":"https:\/\/rkillen.ca\/how-to-save-money-on-credit-cards-and-travel-with-barry-choi\/#breadcrumbitem"}]}]