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Frequently asked questions
What are the benefits of taking a prepaid travel card when on holiday?
A prepaid travel card involves you loading it with foreign cash before you head overseas for a holiday. You can use this type of bank card the same way as your debit or credit card. One of the perks of this bank card is it features security similar to your credit card. This benefit comes from the zero liability program of Mastercard or Visa. Hence, you can have that peace of mind of being protected against any fraudulent activities if your card gets stolen or misplaced. Another advantage with a prepaid travel card is you get PIN access, and it is, indeed, a convenient source of funds.
What are some pieces of money advice you can dispense to travellers?
If you want a hassle-free travel experience without the money worries, take a look at these financial tips when holidaying:
a. Inform your card service provider that you are going on holiday.
Bank card providers are continuously monitoring for any fraudulent activity on their clients’ cards. Therefore, they could decide to have your card deactivated if they view transactions on it in a foreign territory. Communicating with your service provider that you are going on a vacation for a while is helpful. In this way, when you get to your destination abroad, you can prevent getting left without access to your money.
b. Always pay in the currency of your destination.
You certainly do not want the foreign currency converted into Australian Dollars. It is because you will get charged a higher currency conversion rate than your bank’s. Hence, as a traveller, you should always settle your transactions using the currency of the country you are visiting. Plus, if a merchant asks if you want to pay in Australian Dollars, refuse immediately.
c. When you go on holiday, pack at least two travel money choices with you.
Disaster tales like travellers left cashless because of a stolen or a lost debit, or credit card are among the things you must avoid. Hence, you should take more than one vacation money option with you, such as a prepaid travel money card and a credit card. In this manner, with these financial backup cards in your wallet, you can have guaranteed peace of mind while you are on vacation.
d. Call your card service provider right away for any unauthorised transactions.
You should report any transactions that you believe you did not make to your bank immediately. In this way, you can make sure that you get covered against any fraudulent activities. Also, most cards for travellers come with the zero-liability policy security of Mastercard, Visa, or AMEX.
What downsides should I expect when using a rewards credit card on my holiday?
We must advise you that a rewards credit card features high annual fees with it. Hence, you will need to make sure that the value of the freebies and benefits outweigh this price. Nonetheless, rewards credit cards are an excellent choice for racking up points rapidly. Plenty of these bank cards come with an additional bonus point per $1 spent in foreign destinations. You will relish concierge, insurance for travellers, and other complimentary perks as well.