Commonwealth Bank Releases New Prepaid Travel Card

Best Bankwest Credit Card

Reduce stress with a guaranteed low rate credit card. Bankwest is offering a low purchase rate on its Bankwest Lite MasterCard, and a low interest rate on balance transfers. This deal is sizzling hot!

• $59 annual fee
• 10.75% p.a. on purchases
• 1.99% p.a. for 9 months on balance transfers
• Cash Advance Rate of 21.74%

Click here to read the Bankwest Lite MasterCard terms and conditions

Commonwealth Bank today released the new “Travel Money MasterCard’, the first card of its kind which allows consumers to fix up to 6 exchange rates for international travel.

The aim of the card is to allow travelers to better organise their expenses whilst overseas, as they can predict their costs and foreign currency fees with relative ease. It also gives Commbank customers the opportunity to take advantage of locking in cheaper exchange rates before they travel.

Executive Manager of Retail Products of Commonwealth Bank Michael Cant stated the card will improve the way travelers transact internationally.

“We are committed to offering services and products which make banking easy for our customers. The Travel Money Card is cost effective, accessible throughout the world and has the flexibility to load and transfer between multiple currencies, which has never been seen before,” Mr Cant said.

“The Travel Money Card can be loaded with US dollars, British pounds, Euros, Australian, New Zealand and Canadian dollars so people don’t have the hassle of changing money at their destination and can better manage their spending given the card is prepaid and the currency locked in. “This is a great option for anyone who travels, from backpackers, business and seasoned travellers, or parents preparing their children for their first travel experience,”.

Executive Vice President of MasterCard Australasia Eddie Grobler claims the Travel Money Card will provide a solid global payment solution while overseas.

“MasterCard prides itself on offering its customers convenience and peace of mind when it comes to travelling internationally, and that benefit is now extended to Commonwealth Bank Travel Money Card customers” Mr Grobler said.

“A world first for MasterCard, travellers can now access multiple currencies on the single card and know the card will be accepted across MasterCard’s vast global network,”.

Key Travel Money Card features:

• As it’s a MasterCard, it has worldwide acceptance where ever Visa or MasterCard are normally accepted.

• No foreign purchase fees. A flat $3.50 ATM fee is imposed.

• $200 minimum and $25,000 maximum funds for preloading. There is a flat $15.00 fee for adding funds.

• Funds last up to 3 years. After this, any remaining balance expires on your behalf.

• No interest accumulates on your balance, as it is technically a prepaid card, not a credit card.

• Reload at any Commonwealth Bank bank branch, online, or via phone.

• You receive an extra card for backup free of charge. If you lose it however, it’s a $60 fee for replacement.

• You don’t need to be a Commonwealth Bank customer to receive a card. You don’t need a credit check or lengthy application either, mainly just an identity check.

What’s the difference between the Travel Money Card and a regular credit card?

When you make a purchase overseas on a regular credit card, you are often charged a flat 2-4% on your transaction amount. This is called a ‘foreign currency exchange fee’ or ‘overseas transaction charge’. Cash advances can be even more expensive.

A prepaid credit card allows you to add funds to your card at a flat fee. You have no access to borrowed money i.e ‘credit’, any money on a prepaid credit card is solely your own. Commonwealth Bank’s Travel Money Card is a prepaid credit card designed for travelers who want to cut costs on their international trips and provides a solid alternative to overseas credit card usage.

Credit Credit vs Travel Money Prepaid Card

The current foreign currency transaction fee for Commonwealth is 2.95%. The flat fee for preloading your Travel Money Card is $15.

Therefore, if you spent $509 on a Commonwealth Bank credit card overseas, you would have to pay $15 in foreign fees (2.95% of 509 = 15.0155).

In most scenarios, it’s unlikely someone will spend less than $509 in purchases overseas.

This demonstrates the dollar value of the Travel Money Card vs a regular Commonwealth card.

However, one of the risks of traveling is the unpredictability of expenses. You never know when you might suddenly run out funds, which is normally covered by having credit at hand.

If you constantly need to call up and transfer more funds to your Travel Money Card, that’s a flat $15 fee everytime.

If you don’t have any of your own funds left, then you may be in even more trouble. Carrying a credit card is general advice for traveling internationally.

The Commonwealth Bank Gold Card has a host of luxuries and overseas benefits, such as free international travel insurance. Find out more about the Commonwealth Bank Gold Card here.

The full Travel Money Card Product Disclosure Statement (PDS) can be viewed here.

For more information about credit card travel fees, view our foreign currency and international transaction table.

One Response

1. Using Commonwealth Bank Credit Cards Overseas | Credit Card Finder Says:
   December 3rd, 2009 at 3:04 pm

   [...] you take a Commonwealth Bank MasterCard overseas, you can withdraw cash and obtain balances from any ATM displaying the MasterCard and/or Cirrus [...]

• Comparison of Top 10 Credit Card Offers

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0