Australian figures for travel credit cards usage has surged as people look for alternatives to the traditional credit card system
Travel credit cards are becoming increasingly popular in both Australian and international markets as more and more travelers opt for travel credit cards over the range of standard credit cards available. When discussing travel credit cards it easy to write them off as the same as your typical run-of-the-mill credit card that are easily available and on offer from all financial institutions.
However, travel credit cards are closer to Visa or MasterCard Debit Cards, meaning that they have the added advantage of zero or low fees attached while also eliminating the sting of credit cards interest rates, seeing as they are wholly funded by the cardholders own savings or cheque account.
Recent statistics of Australian usage of debit cards and travel cards has shown the rising interest and use in such financial options. In fact, debit accounts have become the fastest growing choice of accounts, more than double that of credit and charge card accounts.
Australia market figures showed that debit and travel credit cards recorded a rise of usage of 46.7 per cent in June 2015 with an overall 24 per cent increase in market share over last twelve months, according to MWE Consulting.
In Australia debit and travel credit cards are responsible for 35.8 per cent of all card payments with tourism in Australia using these styles of credit cards as their primary source of financing when traveling.
This is excellent news for the Australian travel and tourism industry as these travel credit cards can be used at millions of outlets across Australian and globally from online to ATMs, with most travelers also opting for the travel credit cards alternative as most times you will be approved instantly as long as there is a substantial amount within the savings or cheque account while a person credit rating also being a non-issue.