29/06/2012 -
As vacationers hit the road this summer, retailers and other merchants might see a variety of payment cards and currencies at their point-of-sale terminals. Because some payment types are not accepted across borders, the Bank of Montreal (BMO) Financial Group has recommended vacationers carry at least three ways to pay - cash, debit and credit."Carrying a combination of all three payment options will provide you with the highest degree of convenience, security and payment flexibility when you're traveling outside of Canada," said Su McVey, vice president of BMO.
In certain situations, both payments methods offer advantages. Credit accounts will come in handy for plane tickets because many cards accrue mileage points and other perks for purchases, while some brands are affiliated with airlines and qualify cardholders for special promotions, Forbes reports.
On the other hand, debit cards can come in handy for ATM visits and to manage money, USA Today explains. Some travelers would rather pay for their purchases directly out of their bank accounts than spend money and they will have to pay back later. This year, Canadians planning to travel south of the border might find their debit cards are more widely accepted through the Certified Canada program. The campaign has made it easier for merchants to accept cross-border cards for payment processing.
