As the summer holidays are in full swing, many holidaymakers are preparing for their annual trips. However, with the ongoing cost of living crisis putting a strain on travellers’ budgets, it’s crucial to plan your finances in advance to fully enjoy your holiday.
Andy Wood, a money expert from Crypto Tax Degens, has shared his top pick for a debit and credit card that could not only help save money but also offer additional benefits.
He pointed out that there are suitable options for those who prefer to use credit cards abroad and those who feel more comfortable using only a debit card without the added worry of potential credit debt.
Andy stated: “As we enter a bumper year for international travel, it’s vital to not only budget for your trip but also consider how you’ll manage your finances abroad. The right debit or credit card can save you significant fees and provide extra benefits.”
“For those choosing credit cards, the Barclaycard Rewards Visa stands out with its extensive benefits – no fees on spending or ATM withdrawals, 0.25% cashback on purchases, and no interest on cash withdrawals if paid in full. With this card, your overseas transactions are fee-free and rewarding.”
“Similarly, the Halifax Clarity Mastercard is a strong contender with no fees on spending abroad and no ATM withdrawal fees up to £500 per day. The additional protection on purchases over £100, provided by section 75 of the Consumer Credit Act, offers peace of mind for larger purchases.”
Andy also touched upon credit cards that offer lower representative APR along with the advantage of no foreign transaction fees. However, he highlighted that there are still some minor disadvantages to certain cards.
He further stated: “For a lower representative APR, the NatWest Credit Card Mastercard offers no foreign transaction fees, although it does come with a 3% fee on ATM withdrawals. This makes it a viable option for card-based transactions but less ideal for cash withdrawals.”
“On the debit card side, Chase Bank presents a fantastic package with no fees on spending or cash withdrawals and 1% cashback for the first 12 months. This is an excellent choice for frequent travellers seeking straightforward, fee-free transactions.”
“First Direct delivers an appealing proposition with no fees on purchases or ATM withdrawals abroad and a £175 switching bonus, making it an attractive option for those considering changing their primary account. The fee-free ATM withdrawals of up to £500 per day provide easy access to cash without any extra charges.”
“Starling Bank and Monzo both provide robust options with no fees on spending or cash withdrawals, although Monzo has certain limits on cash withdrawals. These digital banks offer user-friendly apps, making them great for tech-savvy travellers.”
“For those who prefer not to switch their primary bank, the Currensea Essential Card links to your existing account, offering a seamless way to avoid fees on spending and ATM withdrawals abroad.”
