Prepaid cards 'help avoid holiday overspending'
27 July 2010 15:10:33
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| Prepaid cards can be useful on holiday. |
A survey carried out by Opinion Matters, on behalf of My Travel Cash, found that only one-third of British holidaymakers look for the best exchange rate before departing the UK.
The research also discovered that just 26% of tourists work out how much a pound is worth in foreign currency, which greatly increases their chances of overspending.
Myles Stephenson, chief executive officer of My Travel Cash, revealed: "Our research shows that one in five people take their UK debit or credit cards abroad, often incurring ATM, foreign exchange and transaction fees each time they use them.
"Not to mention the interest accrued on outstanding credit card balances and charges for going overdrawn."
Instead, holidaymakers could compare prepaid cards before leaving home, as some cards do not incur transaction charges or commission when purchasing foreign currency.
Furthermore, the exchange rate is fixed at the time of loading, which means that the user can easily work out exactly how much their purchase will cost.
Other people who may benefit from prepaid cards include gap-year students and those with a poor credit history who may be unable to obtain a regular credit card.
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