Each payment option has its own benefits and drawbacks, but only one delivers safety, convenience, and enticing deals—sans the high fees—right at your fingertips.
You’re finally jetting off abroad after so much time and energy saving up and searching for the best deals around. But with all that work, skipping night outs, preventing impulse buys, and everything in between, it would be a shame if you just blow up your budget at the last minute.
Apparently, that’s what you’ll be doing if you don’t limit your expenses wisely. And choosing the right payment will definitely make a huge difference. Whether you’re opting for cash, a credit card, or a travel debit card, each has its own benefits and drawbacks. Read on for the rundown below.
Cash for convenience
In this day and age where everything’s digital, many travelers still think cash as the safest bet. It saves you from the hassle of looking for an ATM after you land at the airport, and it is universally accepted, especially in small town, markets, and street vendors, where credit or debit cards are not an option. It is basically handy, particularly in times of emergency.
With cash, it is also easier for you to stick to your budget, allowing you to have a physically limit on your own spending, as well as each person in your group. And once you’ve handed the right amount to each person, you can make your partner, or someone reliable in the group, keep the rest of the cash with firm instructions not to give it to you or to anyone unless direly needed.
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The flip side of only spending cash, though, is that you’ll likely miss out on the rewards that most credit or travel cards provide. These reward points can help you save on travel by funding flights, hotel stays, and other expenses that you can pay using points instead of cash. Plus, carrying large sums of cash with you will make you susceptible to theft, leaving with you nothing, as they are not replaceable, unlike credit cards.
Credit card for rewards
Besides safety, using a credit card during your trip abroad is ideal when you’re doing a lot of shopping and, well, don’t have the cash to pay for your purchases just yet. It is convenient, and if something goes wrong with your purchase, it’s easier to reverse a charge with your bank.
Then, of course, there’s all the rewards and perks. Many credit cards offer travel-related rewards, like points or cashback, and benefits such as trip cancellation insurance, lost luggage reimbursement, and airport lounge access. Take Metrobank’s Travel Signature Visa card as an example. As The POST editor in chief and avid traveller Tanya Lara reported previously, this card “gives you access to 40 member airlines from two alliance groups: One World (CX) and Star Alliance (SQ).” It also “gives cardholders unlimited local lounge access and concierge service via Visa Concierge Asia.” The best part is its low forex fee, which is only at only 1.68%, making shopping a lot more enjoyable during your trip.
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If you don’t have this card, though, the high fees that come with using your credit card abroad can definitely take a toll on your bill—or even the desire to travel abroad again. Other than the forex rates, these unfavorable fees can come in the form of the dynamic currency conversion (DCC) when a merchant offers to charge you in your home currency, ATM cash advance fee if you need to withdraw cash using your credit card, or other bank-specific service fees.
Travel debit card for the best of both worlds
If you want the make the most of your travel and your budget, online travel marketplace Klook recommends getting a travel debit card instead. These cards offer the perks of using cash—sticking to your budget as you only get to spend what you have loaded onto the card, plus easy ATM withdrawals—all while letting you enjoy the exclusive deals, discounts, and rewards you’d commonly get from credit cards.
A major plus point is, of course, the low forex rates, just like the ones offered by the new GCash Klook Travel Card. Designed to unlock a new era of effortless travel for today’s jet-setters, this debit card is packed with Klook-exclusive perks, all while giving you total control of your spending.
This Visa-powered card offers low foreign exchange rates and zero service fees, whether you pay with a single tap or withdraw cash in over 200 countries abroad. It also gives you access to a range of exclusive travel perks., inclusing a P1,000 airport transfer voucher and a P350 Klook eSIM voucher upon activation, a P1,000 hotel voucher every year after, plus 5% off on Klook bookings up to five times per year.
Those who sign up for the card are also automatically upgraded to the Gold Tier of the Klook Rewards Program, which entitles you to complimentary eSIMs, three times more KlookCash, and over P6,000 worth of bonus travel coupons. What’s more, you can also monitor your peso-converted currency spends abroad all in the GCash app for greater convenience and value in every trip.
To register for the card, sign up for the waitlist via the Klook app and get updates once the card goes live. The first 10,000 customers will be able to avail of the card at its one-time introductory promo price of P250.
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