Prepaid Cards Benefit Holidaymakers
Prepaid cards are fast becoming the holidaymaker’s best friend when it comes to carrying your money abroad.
The following are five reasons why a travel prepaid card can help you save money on costly fees so you can spend it on the more important things on holiday.
1. Better Exchange Rates - Prepaid travel money cards typically offer better exchange rates. As many normal cards add a three percent cost to the exchange rate banks get, travel money card providers tend to not add this extra charge.
2. No Purchase Charges - Unlike most credit and debit cards if you purchase the right travel money card you will not be charged for individual purchases while abroad.
3. Security - A travel money card can reduce the amount of cash you have to carry on your person at any one time. All your holiday spending money can be transferred onto the card and the card used to purchase items minimising the need to carry an excessive amount of cash. Also, the money you add onto the card is safe, held in segregated accounts and most cards are credited by risk-averse Building Societies, not banks.
4. No Withdrawal Fees - A travel money card does not typically incur charges for use abroad – typically around 3% of each withdrawal - if you use the card to withdraw cash. Some cards do charge though so be sure to shop around for the best deal for your specific needs.
5. Budgeting - It is all too easy to use a debit or credit card abroad and lose track of what you are spending. If you have a specific budget planned before you depart, a prepaid travel card enables you to transfer holiday money onto your card so you know you will only spend the amount on the card and not go over that amount. You can also get a prepaid card without having to worry about a bad credit history.