We have looked at such subjects as money transfer channels, and today I would like to focus on FX credit Cards. Just what is this and what can it do for customers? Is it secure and will I save cash in the use of this? To begin with, let us examine the main features. It looks like a payment card – it has aspects such as the magnetic strip, the signature, the Chip and PIN facility and it even bears your name on the front. Additionally, it will also carry the brand of one of the main credit card providers eg Mastercard. But while a standard credit card will give the inividual availability to a line of credit, and while a debit card will allow for a lending facility, the fx card will only give the owner the ability to spend what he or she has loaded onto the card. So, in essence: it is a pre payment card, where the user “loads” their own cash on to the card, and can then spend this. Once the funds are used up, it is up to the individual to top up the card.
However hang on a minute – what’s the point of that? Most have a credit card. Why should I get an fx card and just load it with my funds? Well there is something interesting to travel money cards – and that is their unique advantages. To begin with, it is in the name – fx – which we know means foreign currency exchange. The rate of exchange you have access to on an fx card is much better to the one you will have on your usual payment card. Every time you go to buy something in a foreign country, you are being charged a “purchase fee” – and then add to that the ATM fee. All these may be charged to your fx card as well – but they will be much cheaper. They will be tailored to suit a traveller who is on a trip and needs to access money in the best way. Many of us have been in foreign countries and withdrawn money using our regular cards. There will be a fee which cuts out a chunk of your money, and then the exchange rate will sting you. On an fx card, you’ll save additional cash.
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