Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £3 per month, your representative rate is 27.7% APR (variable).
Prague, the capital of Czech Republic, is well known for its Old Town Square, beautiful baroque buildings, Gothic churches and the medieval Astronomical Clock so there is no doubt that tourism in Prague is booming. This means credit cards are widely accepted so you won’t encounter any significant problems when travelling in Prague.
Visa and Mastercard credit cards are widely accepted and you might be able to use your American Express card in some places, too.
Many people are happy to use an ATM as they are reliable and quite common in the city centre. It’s safest to use a Prague ATM located within a bank, and ATMs located randomly on the streets are less trustworthy. If in doubt, use machines attached to established banks like Ceská Sporitelna, Komercni Banka, and CSOB. When using an ATM in Prague, instructions are in English, and it is essential you have a four-digit PIN.
It’s a good idea to exchange some cash before you travel, as bureaux de change in the airports and in Prague don’t give you the best rates. A few shops will take euro, but the official currency is the Czech koruna (crown). If you do run out of cash, you should get by with your cards.
Chip and PIN is widely used in Prague – just make sure you know your PIN.
Both magnetic-stripe and chip-and-signature credit cards are also very common in Prague.
By exercising some caution when using your credit card in Prague, you’ll have a relatively trouble-free experience.
Remain alert to street crime, especially where two or more people work in distracting victims before decamping with their valuables. Instances of theft at airports are not uncommon, so stay vigilant while arriving and departing. There have been numerous instances of thefts from hired cars so don’t leave your wallet or purse in a parked car. In some cases, thieves pose as police and ask to see wallets for identification purposes. In such a scenario, make sure you’re speaking with genuine police officers. It is very unlikely that a real officer will want to sift through your wallet.
Additionally, some ATMs at petrol stations, or random street corners, have been known to swallow cards, and keep them. Just be wary, and if in doubt use ATMs inside major banks.
Credit card fees can leave a noticeable dent in your pocket when you’re travelling overseas, so know what you’re up against well in advance and choose a card with no or low fees.
British credit card issuers typically charge a fee equivalent to 1% to 3% of your transaction, so carefully review your card’s smallprint to avoid statement surprises. Some cards designed for travel come with no foreign transaction fees, so this could be a good time to switch.
Learn more about cards designed for overseas spending
If a retailer offers to bill your credit card in sterling, dynamic currency conversion comes into play. While this might sound like a good deal, you’ll actually end up getting a worse exchange rate, and you might also end up paying currency conversion fees. Whenever you’re presented with an option, choose to pay in local currency.
Using your credit card to withdraw money from an ATM isn’t a good idea unless it’s a bona fide emergency. Each time you withdraw funds from an ATM with a credit card, you’re likely to pay a cash advance fee. Your APR for cash advances is typically higher than your purchase APR, and you’ll typically get no grace period on interest — instead, you start paying interest immediately. Again, some cards designed for overseas spending will waive the cash advance fee.
The table below serves as an example of how much extra you may pay to use your credit card for in Prague.
Additionally you can get an idea of costs by using these online currency conversion tools from Mastercard and Visa.
Ask yourself these simple questions before you leave so your spending in Prague does not hit any roadblocks.
When you’re in Prague, you don’t have to worry about where and when you can use your credit card. Just keep some cash handy to pay for small purchases.
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