Cha-Ching! $1,617 in Credit Card and Bank Fees SAVED/EARNED. Ching!

posted in: Budgets, explore, Money | 0

We were pulling a Seth Green in the 1991 Rally’s commericial when we finally tallied up how much we saved from our CapitalOne Quicksilver Cash Back Credit Card and Charles Schwab Checking account.  Previously, we wrote about how you can save money while traveling by choosing the right credit card and bank account. We wanted to check back to see how it all worked out after 315 days of travel. Here is how it went down, folks.

Saving over $1,100 with our Credit Cards

As we mentioned in a prior post, we decided to travel with the CapitalOne Quicksilver credit card. To recap, the card has:

  • No annual fee
  • 1.5% cash back on all purchases
  • No foreign transaction fees (Fee charged to perform a currency conversion i.e. euros to dollars)

We ended up saving $1,147 during our travels by using this card. Most of the savings were from the the no foreign transaction fee benefit. As icing on the cake, we accumulated close to $400 in cash back. That’s what I call saving dollar bills, folks. Here is the breakdown of how we benefitted with this card:

 

creditcardsavings_graphic1

Saving over $450 with our Bank Account

Cash is king and in many countries cash payments may be your only option. In fact, we almost never had an opportunity to use our credit card while traveling in Southeast Asia. So the benefits of our Charles Schwab checking account came in handy. To recap, here were the main benefits of traveling with a Charles Schwab Checking Account:

  • No foreign transaction fees
  • No ATM withdrawal fees

We saved about $471 in bank fees. Here is breakdown of where the savings came from:

chucksavings_graphic

Bottom Line

With a little bit of pre-travel planning, we managed to save $1,228 in credit card and bank fees. PLUS we got the added benefit of getting $389 cash back through purchases with our CapitalOne credit cards.

That’s a grand total of…drum roll please…

$1,617

or

$5.13 per day for 315 days

or

323 burgers from Rallys (Is Rallys even around anymore?)

or

a roundtrip flight to somewhere far away and AWESOME

 

Interested in how we were able to financially do this trip? You are in good company, this is probably the most common question we get from friends and family. Check out our post on planning and saving tips.

You can also check out what our around the world travel budget looked like.