Credit Card News Cash Still Trumps Plastic For Holiday Spending 17414427
Cash still trumps plastic for holiday spending
02 August 2006
Forecasts for the holiday season this year suggest currency sales of over £2 billion, the highest total ever recorded, according to the Post Office report.
Nearly half (47 per cent) of respondents to the survey said they preferred to use local currency when on holiday, compared with just over a third (33.6 per cent) who said they are more likely to put their holiday spending on a credit card.
The rise in the popularity of credit cards has seen falling sales in travellers’ cheques. Although still used by 19 per cent of Britons, the previously popular method of taking spending money abroad has seen sales drop by nearly 12 per cent on last year’s figures.
“With so many places now offering commission-free deals and competitive rates, hard currency is unbeatable for convenience and value for money,” said Kevin McAdam, head of travel and leisure at Post Office.
Mr McAdam also noted that pre-paid currency cards were becoming more popular due to the “convenience and security” they offer.
“In fact, our report shows that these are already the favourite way to pay for more than 150,000 holidaymakers,” he added.
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