Aussies 'should watch out for hidden fees with travel cards'
Article by Mozo
Individuals who visit other countries and use preloaded travel cards have been advised to check the small print and hidden fees before deciding to use their plastic.
According to the Australian Business Traveller, this form of plastic can be useful for purchasing items over the counter as there are often no charges.
However, there are certain costs that might tempt some to compare credit cards online and use this payment method instead.
For example, many banks charge an initial fee for the purchase of the card and it can cost between one and 1.1 per cent when money is loaded onto the plastic.
There is also a standard fee for withdrawing money from cash machines, although this is also true of credit cards.
Last month, the Commonwealth Bank of Australia announced that those using its credit cards might soon be able to deactivate them for use abroad in an effort to reduce the number of people who are the victims of fraud, ZDNet.com reported.
Have a question about credit cards? Ask the money gurus at Mozo Answers.