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Cash passports to reduce credit card charges abroad

Thu, 11 May 2006

Holidaymakers are to get an alternative to using their credit card abroad or having to carry lots of foreign currency with them, due to a new cash passport scheme.

New pre-pay cards are being launched by Travelex and can be loaded up with euros or dollars prior to a trip abroad.

The scheme can reduce high credit card charges for using your credit card abroad and can help travellers budget for their trip by letting them only top up with the money they intend to spend.

It can also save travellers money by fixing the exchange rate at the point of purchase, which means customers won't lose out when abroad due to unreliable exchange rates.

Speaking about the new scheme, Carole Harbord from Travelex said the cards will help reduce or even end "nasty surprises" on people's bank statements once they get home from their holiday, after using their credit card to fund their purchases.

The Travelex version of the card is set to be launched on June 12th, but other versions are currently also available from American Express, Western Union and Cash2Go.

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