Commonwealth Bank travel card 'has benefits'

Travel cards can be an effective means of spending money abroad, Aussies have been told.

Commenting on the release of Commonwealth Bank of Australia's Travel Money Card, Cannex research analyst Henry Senlitonga points out that the product "has benefits", at a time when credit cards, travellers cheques and cash are the only other spending options available.

Indeed, the product - which has been launched by the firm behind the Commonwealth Platinum credit card - can be loaded up with six different currencies including both Australian and New Zealand dollars as well as the euro and used as a normal card to pay for goods and services while abroad.

However, he points out that in using the card they are locking in the currency at the time of purchasing the product, meaning that when it comes to a transaction they could actually be shelling out more money than is necessary.

As such, those looking to take a travel card with them may also want to ensure they pack a credit card in order to supplement their spending.

Speaking to the West Australian earlier this month, Lorraine Sharp, managing director at holiday specialist Insight Vacations, claimed that prior to going away travellers should not only find out if they will be able to use their credit cards while abroad but should also check what fees they will incur when doing so.

Written by Ashley King