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Prepaid currency cards “more competitive” than credit cards

April 9, 2008 by admin  
Filed under News, News-Credit-Cards

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Holidaymakers are likely to favour prepaid currency cards over traditional travellers’ cheques, according to industry experts.

The currency cards are on offer from the Post Office, Barclay’s and Lloyds TSB and allow travellers to withdraw cash abroad. Travellers load the currency they need on to the card before setting off on their holiday.

Moneysupermarket.com explains that currency cards have the edge on credit cards because there are no fees for transactions. They can also be used by individuals who have difficulties acquiring credit.

Steve Willey, of Moneysupermarket.com, said: “In terms of their use, effectively they’re a traveller’s cheque replacement.

“Once people have got comfortable with the concept and realise that there are savings to be made, then I think this will become just ‘the way to do things’.”

Travellers are also protected against fraud because the card is frozen if it is stolen and the balance and card holder’s details remain protected.

Last year statistics from APACs revealed an increase of 77 per cent of fraud associated with cards stolen abroad.

Tags: way, need, post office, year, traditional travellers, statistics, favour, experts.The currency cards

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