PRODUCED FOR MEMBERS AND FRIENDS OF THE NORTH SHORE CREDIT UNION

y/ if Turn this newsletter over.

See the title on the back page,
“Banking for Business”? We
chose that title because we wanted
to make a point. For some
reason, businesses tend to pick
banks as their financial partners
more often than other financial
institutions. That’s okay, but we
feel that a lot of businesses can
get a better deal with us.

Brave words? Not really.
Hi, ’'m Fred Zeitler. Turn to the
back page and I'll show you how
it’s possible to get a better deal.

oney is the perfect, some
¢@ would say a necessary,

&. travelling companion.
Only one problem — money doesn’t
travel well. Fluctuating currency
exchange rates, theft, and some
awful little man who refuses to
believe that’s your signature are only
a few of the problems.

Travellers cheques? Cash? Credit
cards? The secret is to take some of
each, whether you're going to
Telluride or Bali.

First, the ‘plastic’ — credit cards.

Visa, MasterCard, or American
Express are ali recognized cards,
even in Bali. Take a variety, just to
be on the safe side.

But don't use your credit cards
too often. The cost of converting
currencies using a credit card is
usually higher than the cost of
converting currencies with travellers
cheques. The difference in the ‘‘card
rate” versus the “cheque rate” isn’t
ubstantiai, but if you're intending
to spend a lot of money on
vacation, you can save a few dollars
by using your credit cards as a back-
up to your travellers cheques.

Your MasterCard, Visa, or
American Express card can be very
useful, however, because they can be
used to get cash advances —a
helpful feature if youre in a foreign
country short of pocket money.

But if you're like most people and
let your credit card charges edge
over the 30 day grace er the 30 day grace period, bet Continued be

ADMINISTRATION OFFICE
301 - 1112 Lonsdale Ave.
North Vonceuver, B.C. V7M 2H2
Phone: 980-6728

Mon, - Fri. 8:30 - 5:00

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SUMMER/91

How to travel with mone

The vacation dollar

careful how much you purchase with
your cards, Credit cards don’t offer
cheap credit.

You can, in fact, reduce some of
this interest cost if you have a debit
card, for example, like our
MasterCard. It’s accepted just like a
credit card but your purchases are
paid for directly out of your
account. A personal line-of-credit
backs up your purchases in case you
spend a little more than you actually
have! The advantage? The interest
rate on a line-of-credit is lower than
the interest rate on a credit card.

Second, travellers cheques.

The conventional wisdom is to
take the bulk of your vacation dollar
in travellers cheques. There are,
however, some tricks to travellers
cheques. If you're travelling abroad,
many people assume U.S. dollars are
the best bet when it comes to
travellers cheques. Not necessarily
so. Almost everybody around the
world will take Yankee dollars but
as Canadians we have to pay twice
to get them: once on the exchange
from Canadian dollars to U.S. dollar
travellers cheques. and then once again
when your U.S. currency cheques are
converted into deutschmarks, yen,
sterling, whatever. The rule with
Continued page 3

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