Aussies love to travel - but the bill that comes with all those souvenirs, poolside stubbies and French winery tours is not always quite so welcome. That’s why Aussie globetrotters will be glad to hear Mozo’s experts have recently crowned the very best travel credit cards, debit cards and prepaid cards for overseas spending.
Mozo’s Experts Choice Awards analysed 295 travel money products issued by 84 Australian financial institutions to find the best options for travellers to pack in their carry-on.
When the results were in, Bankwest took out the top spot as Travel Credit Card Bank of the Year, thanks to multiple wins across award categories with its range of Breeze, Zero, Qantas and More MasterCards.
The awards were split into three major categories - prepaid travel cards, travel debit cards and travel credit cards.
Within the travel credit card section, 183 products were considered, and there were also multiple subsections, including rewards, low rate and platinum options. These categories had their own criteria, but all travel credit cards were judged on their value to the customer based on foreign exchange fees and the first year’s annual fee.
“We wanted to make the results accessible and useful for all Aussie spenders, and with a broad category like travel credit cards, that means splitting them up into sub-categories, based on the kind of card travellers might be looking for,” said Mozo Data Manager Peter Marshall.
There were 99 bank accounts with debit cards suitable for travel, of which the top 10% of products were named winners. Prepaid travel cards was a much narrower category - just 11 multi-currency cards were considered (cards that offered only a single currency were excluded) and just two were handed awards, Travelex’s Cash Passport, and ANZ’s Travel Card, which took out the big bank award.