Here’s an easy way for pen­sion­ers to save money on hol­i­days

Tweed Daily News - - NEWS BUSINESS - NOEL WHIT­TAKER Noel Whit­taker is the au­thor of Mak­ing Money Made Sim­ple and nu­mer­ous other books on per­sonal fi­nance. Email noel@noel­whit­taker.

RE­CENTLY, a reader emailed with a prob­lem that is be­com­ing in­creas­ingly com­mon for re­tirees.

She and her part­ner had long had a credit card with the prin­ci­pal card in his name, and her card held as a sup­ple­men­tary card.

She had read my col­umns rec­om­mend­ing both part­ners have a card in their own names be­cause if a cou­ple are trav­el­ling and the pri­mary card or the sup­ple­men­tary card is lost, both cards are can­celled.

This could be par­tic­u­larly em­bar­rass­ing if you are trav­el­ling over­seas.

Her prob­lem was that no bank would give her a credit card. She was 70, with no in­come of her own – the cou­ple were liv­ing on his su­per­an­nu­a­tion through an ac­count-based pen­sion.

They did not get any age pen­sion be­cause they had sub­stan­tial as­sets, but their tax­able in­come was zero.

The so­lu­tion was to get a debit card.

This does not re­quire any credit ap­pli­ca­tion be­cause the card sim­ply al­lows you to ac­cess the funds you hold in the bank ac­count that is at­tached to the card.

In my ex­pe­ri­ence the per­fect card for this is an ING Di­rect Or­ange Ev­ery­day ac­count, which I have been us­ing for years.

This card has no fees, and pro­vided you de­posit at least $1000 ev­ery month all with­drawals from ATMS in Aus­tralia, and through­out the world are free of fees.

I am writ­ing this from Lon­don, and I have been us­ing this card for the en­tire trip.

The rate is ex­tremely com­pet­i­tive, and a par­tic­u­lar fea­ture is the app on your phone which en­ables you to keep track of the bal­ance.

It’s light­ning fast – trans­ac­tions are usu­ally on the app within a minute of pur­chase.

The app also shows the fees be­ing charged by the over­seas banks which ING re­fund im­me­di­ately.

Most of these are more than two dol­lars with some over $10.

My ING card has be­come one of my favourite travel tools.

This card doesn’t cost money, it saves it.


Her prob­lem was that no bank give her a credit card.

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