Gap year travellers pay more with credit cards
By UK CreditCards.com
Students on their gap years using credit cards abroad must take care with their spending abroad, FairFX has said.
According to the prepaid credit cards provider, gappers are wasting up to $426 or €307 each month due to not keeping a close watch on their spending.
To remedy the situation, FairFX advised travellers to stick to a tight budget, to pay for smaller day-to-day items with local currency, and to keep a prepaid credit card on hand for everything else.
Prepaid cards, which are pre-loaded with funds from a bank account in the same way as a pay-as-you-go phone, generally charge lower fees for overseas use than other types of credit cards.
Stephen Heath, chief executive of FairFX, commented: "No one likes to find out too late [that] they could have got a better deal."
Direct Travel Insurance recently revealed a rise in sales of 50% for gap year-related policies this year.
Increased redundancies caused by the credit crunch was seen by the firm as a major factor behind more people going travelling.
Published: 17 June 2009
- What to look for in a student credit card – Here's what to expect from a credit card specifically aimed at university students ...
- What borrowing options are best for graduates? – Without student loans, you may need a "grown-up" way of borrowing. Here are some options to choose from ...
- 4 credit tips for students – As students begin their time at university, they may be using credit for the first time. Here are four tips for students to keep in mind ...