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"Credit cards could be the ideal solution for holidaymakers"

By admin | February 25th, 2010 | Credit Cards

It has been suggested in a recent report that holidaymakers and those that travel abroad for any other reason could find that the best solution for making purchases and spending is a credit card.

Whilst many people still take cash with them when they go abroad one industry expert has said that consumers need to carefully consider the downside of using cash, and work out whether a credit card could actually prove more beneficial for them.

Research was recently carried out by Spanish owned High Street bank, Santander, and the results showed that around 52 percent of Brits took cash with them the last time they went abroad.

The figures also showed that around 20 percent said that they had taken credit cards to use abroad, 15 percent had relied on their debit cards to make purchases whilst overseas, and just 5 percent had taken travellers cheques with them when they went abroad.

One official from Santander said that in many cases consumers were spending considerable sums of money when they went abroad, and with this in mind they needed to think carefully with regards to whether cash was the best option for them when they were going abroad.

He suggested that a more viable and effective option for many of these travellers would be to take and use a credit card when going abroad.

He said that credit cards offered many benefits to consumers that were going abroad, adding: “The reliance on cash does raise some concerns: one, is it safe to carry large sums of money; and two, is cash the cheapest way to pay for items whilst out of the UK? Britons do believe that credit and debit cards do not get great rates of exchange, but this is simply not the case – the exchange rate on cards tends to be very close to the daily wholesale rates.”

Tags: credit card, santander, Brits, Credit card cashback

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