American Express Travellers Cheques

Technology: Pre-paid travel cards

A nifty new technology is replacing the need to carry wads of different currency while travelling. Credit card providers MasterCard, Visa and American Express, and the Commonwealth Bank, are leading the charge in the foreign exchange market. All are producing their own form of prepaid travel cards that allow users to upload a number of different currencies onto a single debit card.

The market for stored-value cards has exploded in the past decade since the regulatory and technical issues that governed them were agreed upon. UltraPoS, a software system by foreign exchange specialists SCL, automated the lifecycle of prepaid cards and travellers’ cheques. Unlike older, single-load cards that were unpopular with customers who resented losing unused balances, the new generation of reloadable cards stores the value in a database. Also, because they are endorsed by the major credit card companies, customer confidence is high. These cards have seen a 10% to 15% growth since they first appeared in the UK market six years ago, SCL said.

Along with benefits of simplicity and security for travellers, pre-paid travel cards are also appealing for agents.

As a result of the agreement, MasterCard is now in control of the management of Travelex Cash Passport cards. These cards are stocked through Flight Centre, Harvey World Travel and Jetset Travelworld, meaning agents can issue customers with a card at the point of sale.

Philip Schouten, regional marketing director, prepaid cards, said “Prepaid travel cards are definitely becoming the most sought after way of taking money overseas.” Along with travel agents receiving a commission for each Travelex Cash Passport card sale, travel industry partners can purchase their own cash passports, commission-free, at the Score Rewards website and at preferred exchange rates, according to Schouten.

American Express admits it is a “late entrant to the market” but has plans to roll out its Global Travel Card through Travelscene American Express later this year. Nick Dinopoulos, head of American Express Foreign Exchange Services, said that the card would be a “fantastic source of ancillary revenue for travel agents who have a live customer sitting in front of them”.

The cards utilise innovative technology to allow the user to upload money via the internet, have text message balance checks sent to their phone, and automatically switch from one currency to the next. Along with the security of having the card account separate to the user’s bank account, the card is being hailed as a budgeting tool that prevents a nasty credit balance upon return, as users can keep track of what they are spending and upload their savings before leaving.

Business Card Provider | rami Mag

Debit card are chosen by most businesses. Your business card provider is most likely to offer a debit card as a part of the package. The leading names of debit business card providers currently are Visa cards and prepaid MasterCards, Cash2Go, Cashplus, and Amex Travellers Cheque Card along with I-Money and I-Travel. However, for other types of card it is worth considering a wide range of business card providers aside from your own bank. Acquiring a business charge card is part of the process of owning your own business and offered by most business card providers and companies such as Barclaycard, American Express and Diners Club. A period of credit is allowed, but must be paid off in each month. You will pay an annual fee, usually at least £35. Many business card providers offer prom on rates and charge cards or even merchant accounts. Examine different deals with these key points.

The same rules apply when choosing a business card provider for your business credit card. You have to compare interest rates or what they call as the annual percentage rate (APR) – on different deals. Consider also the length of any interest-free period. The business card providers for credit card are Visa credit card and MasterCard. You can search online and compare business card provider’s deals on credit cards.

Purchasing cards are for big businesses or public-sector bodies. Issued by companies such as Barclaycard and American Express, and designed to avoid using purchase order forms and the associated paper work. While you wait for your business bank account to be set up, you might decide to use a personal debit or credit card instead of a business card to pay for purchases. However, business debts will be mixed with personal debts and it will be difficult to track business expenditure.

Whichever type of card you are looking for, it is best that you scout and negotiate for the best deal offered by business card providers. Benefits, interest rates, interest-free periods, and charges offer significant differences. Your business card provider may be flexible in amending their terms if you compare benefits with other providers. Be careful of the drawbacks you might encounter like card fraud and debt. Even if it is your employees fault, your business will still be responsible for the charges.

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