How does the 28 Degrees Platinum Mastercard compare to other travel money options?
With no foreign transaction fees and no annual fee, the 28 Degrees Platinum Mastercard is designed to keep credit card costs affordable when you go overseas or shop online with stores that are based overseas. But there are many other options you can consider for foreign transactions. As well as other credit cards with 0% foreign fees and additional travel benefits, there are regular debit cards and travel cards you can use all over the world.
So if you're trying to decide whether the 28 Degrees Platinum Mastercard is right for your overseas spending, use this guide to compare its key features with those of other travel cards so you can find the right option for you.
What travel features and benefits does the 28 Degrees Platinum Mastercard offer?
The 28 Degrees Platinum Mastercard can help you save on fees when you're spending money overseas by offering 0% currency conversion fees. In comparison, most credit cards charge a currency conversion fee when you shop or spend overseas, which is usually between 2–3.4% of the total transaction. Depending on your travel plans, this could add up to hundreds of dollars over the course of your trip. Other key features of the 28 Degrees Platinum Mastercard include:
- Annual fee. The 28 Degrees Platinum Mastercard has $0 annual fee for life.
- Up to 55 days interest-free on purchases. If you pay your balance in full by the due date on each statement, you can get up to 55 days interest-free on purchases made with a 28 Degrees Platinum Mastercard.
- No international ATM withdrawal fees. The 28 Degrees Platinum Mastercard offers a$0 international ATM withdrawal fee. However, local ATM operator fees may still apply, as well as cash advance fees and charges.
- Cash advance rate. The usual cash advance fee is 3% of the cash advance or $4 (whichever is greater) and is charged when the card is used to withdraw money from an ATM. You'll also be charged interest at a rate of 21.99% p.a. from the date of the cash advance.
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What features and benefits do prepaid travel cards offer?Travel cards are designed to be used overseas or for shopping online with retailers that are based overseas. With these cards, you can avoid foreign transaction fees by loading and spending money in a range of foreign currencies. This also allows you to lock-in an exchange rate before you leave, meaning you'll know exactly how much travel money you have available on the card.
In comparison, regular debit cards and credit cards – including the 28 Degrees Platinum Mastercard – will convert foreign transactions using a daily exchange rate. As a result, you won't know your exact account balance until the transaction is added to your credit card or debit card's account. Other features and benefits vary depending on the travel card but could include:
- Security. Similar to regular credit cards and debit cards, travel cards offer security features such as 24/7 emergency support and zero liability for fraudulent transactions made on your account.
- A backup card. Some travel cards come with an additional card you can use if the main card is lost or stolen. Each card has its own number and PIN, which means you'll still have access to the account even if you have to cancel one of them.
- Rewards. Some travel money cards, such as the Qantas Cash and Velocity Global Wallet Card offer points per $1 spent that you could use to redeem rewards such as flights or flight upgrades.
- Account fees. While travel money cards do give you a way to avoid foreign transaction fees, make sure you look out for additional costs such as loading fees, ATM transaction fees or inactivity fees that could add to the cost of your card.
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What travel benefits can I get by taking my debit card overseas?
It’s easy to take your debit card with you travelling – there’s no extra cards to sort out and you have access to the money in your bank account. While this makes taking a debit card convenient, it can also become expensive if your bank charges currency conversion fees and foreign ATM fees when you use your debit card overseas. Some of the other key features and benefits to look for include:
- Account security. Both Visa and Mastercard debit cards offer zero liability policies that allow you to get a refund on any fraudulent transactions that are made. Depending on the card, you could also get 24/7 emergency support, fraud-monitoring services and transaction alerts.
- Fee-free cash withdrawals. Unlike credit cards, you can use your debit card to withdraw cash from an ATM without being charged a cash advance fee or interest. Some debit cards, such as those offered by Westpac and St.George, also offer international ATM alliances that give you a global network of ATMs you can use to avoid transaction fees.
- Currency conversion costs. Like credit cards, there are some debit cards that charge a foreign transaction fee when you use them overseas or online with an international retailer. Your transaction will also be converted into the appropriate currency based on the daily exchange rate, meaning you won't know how much money you have left until the transaction shows up on your account. This is the same with any credit card but could be avoided by pre-loading foreign currency onto a travel money card.
- No interest charges. While you could be charged interest on your balance when you use the 28 Degrees Platinum Mastercard (or any other credit card), debit cards don't charge interest because you're spending your own money.
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How can I decide between these travel money options?
All the cards on this page have their own benefits and features that will work for different types of people. For example, if you already have all the money you need for your trip, transferring it to a travel card or using your debit card could be convenient. If you want access to additional funds or some emergency money, on the other hand, a credit card could be a good option.
This means that choosing the type of card you take with you comes down to how you spend your money and the type of holiday or trip you’re going on. In most cases, it's ideal to take a combination of cards and foreign cash so that you can make payments wherever you are. So if you're getting ready for your next trip now, start by comparing more travel money options here.Back to top