Bitcoin is an appealing alternative to traditional finance when one is traveling. Rather than dealing with currency exchanges and payment card fees, Bitcoin has a global appeal that works anywhere in the world. But ANZ, one of the major Australian banks, has come up with a new rewards card. Whether or not this will woo travelers, remains to be seen.
For most consumers traveling around the world, plastic cards remain the preferred method of payment. While these types of payments may incur additional fees for currency conversion, consumers are not too worried about it most of the time. ANZ wants to make it even more convenient for travelers to use their credit card, by offering special rewards.
Offering a complimentary return flight within Australia and two lounge passes every year are just one example of what ANZ is doing right now. Moreover, the Australian bank will offer its card users no overseas transaction fees on purchases. Withdrawing money from the ATM will remain subject to the standard fees, though.
ANZ Managing Director Products and Marketing Matt Boss told the media:
“We developed this market-leading card specifically for customers who want to travel, and it represents great value for them. Not only do they get a great card they can use for everyday purchases, they also get a return flight within Australia with Virgin Australia and two Virgin Australia single entry lounge passes each year, and no overseas transaction fees on purchases or international retail websites.“
Despite the appeal the ANZ Rewards Travel Adventures card may offer, it is not something everyone will jump on immediately. Travelers will thoroughly enjoy the rewards they will be entitled to, but ANZ is also targeting users who are not so travel-happy. Some people just like to pay conveniently in other countries without worrying about exchange rates.
Bitcoin presents a viable alternative, albeit it does so in an entirely different fashion. Rather than offer these types of rewards, Bitcoin allows users to spend cryptocurrency anywhere in the world at much lower fees. Moreover, users are not tied to a particular financial institution and offers users additional privacy. Unfortunately, widespread adoption of cryptocurrency has not been achieved yet, making card payments more appealing.
Source: Finextra
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