Have you been hoarding your annual leave?
It turns out many Aussies have been saving up their holiday leave with more than a third of the nation’s 8.5 million full time workers having four or more weeks of leave in the bank.
A further one in four have between two and four weeks owing for their next vacation or getaway according to new data release by Roy Morgan Research.
It is those with between one and four weeks that are most likely to have travel plans and with the end of year travel season fast approaching it’s likely there will be many Aussies heading overseas soon.
So if you’ve been bitten by the travel bug and are looking to take an overseas break over the Christmas holidays you may be ready to consider how you’re going to pay for things while your overseas.
While having some local currency in cash is always advisable, particularly in countries that aren’t as credit friendly, taking a travel ready credit card with you can also be a great option.
Here’s how to find a credit card that will help you on your journeys, not hold you back.
Look for a card that will minimise ATM fees
There are plenty of cards on the market that will let you get by with paying $0 ATM fees overseas so if you’re shopping for a new travel card, make this one of your criteria. Travel specific cards also sometimes waive the currency conversion fee that other cards charge so keep an eye out for this as well.
Take a spare card
If you’re applying for a new card, or taking an existing one, it’s important to have a back up with you so that you aren’t stuck without access to any money should you misplace a card. If you do lose your card, however, once you do have access to some emergency cash, it is best to call your card provider and cancel the card to prevent it being used in a fraudulent manner.
Check if your card offers travel insurance and accommodation deals
If you have an existing card you may be surprised to find that it offers travel insurance and accommodation deals as many providers do. It’s worth doing a quick check of what’s included with your current credit provider to see where you can save some cash ahead of your holiday.
If you do rack up some debt, pay it off in full
If you do go a little over board on holidays and spend more than you expected to the key thing to do when you get home is to focus on repaying the debt. This may mean taking advantage of a balance transfer deal to avoid high interest rates but as long as you devote your funds to paying the debt down quickly you should avoid being hit with a hefty post-holiday interest bill.