Travel plastic comparison test shows some fly higher than others
In a comparison of pre-paid travel cards and debit / credit cards, CHOICE has awarded GE Money’s 28 Degrees Mastercard the 2012 CHOICE AWARD for the Best Travel Money Card.
The GE Money 28 Degrees Mastercard stood out against the travel cards reviewed with no charges for international transactions as well as no currency conversion or annual fees.
Additionally, the credit card does not charge a fee on cash advances.
“The card ticked a number of important boxes for travellers. It gives travellers a break on fees, as well as giving them a 55 day interest-free payment period,” says Ms Just.
However, the comparison of travel money cards also found that overseas travelers spending $3000 or less will likely be better off with their regular bank issued debit or credit card¹.
This is because the fees on pre-paid cards often outweigh the ATM charges the traveller will incur by using their existing debit or credit card when the travel budget is modest
“Our comparison shows that there are significant differences between the cards, so take time to find out what charges you’ll be up for and what benefits come with each card,” says CHOICE spokesperson Ingrid Just.
CHOICE says that the ideal scenario for a traveller would be to have a pre-paid as well as a travel worthy debit or credit card, using whichever is best according to the purchase.
‘The way people access money while overseas should suit their needs. Every pre-paid travel money card and every debit or credit card has advantages and disadvantages, so time spent researching the alternatives will pay off,” says Ms Just.
Read more about the Travel Money Card award.
¹Calculation based on a $5.00 overseas ATM fee per transaction using bank issued debit / credit card, with six transactions of $500. Total ATM fees would be $30.
By comparison, a pre-paid travel money card with an average 1.1% initial load fee on $3000 would incur an automatic $33.00 fee. Additionally, the cardholder would also be likely to incur card closure fees and, if the card is kept active for an extended period without use, inactivity fees.
Media contact: Ingrid Just, CHOICE, Head of Media and Spokesperson: 0430 172 669