The rivalry between major Australian banks like ANZ and Bitcoin is well-known. ANZ along with Commonwealth Bank of Australia were responsible for shutting down accounts belonging to bitcoin companies last year. Now that the banks have decided to opt for blockchain technology, they have stopped being publicly offensive against bitcoin. However, these banks continue to create products that offer direct competition to the digital currency.
ANZ has recently announced the launch of its latest product, a traveler’s credit card that makes the whole travel experience more enjoyable. Unlike other cards, the new credit card offers special reward points that can be used during their course of travel. While the new ANZ credit card is sure to keep the reward hunting travelers happy, it may still not solve the issues faced by the travelers while they are overseas.
Carrying cash is a big challenge to these travelers. There is always a restriction on the amount of money one could carry on his person, apart from that, there is also the issue of foreign exchange conversion rates which forces travelers to pay a lot more than what they actually spend.
Most people traveling abroad are increasingly preferring bitcoin, provided that there are enough merchants in the region accepting it. The reason being simple, bitcoin is a universal decentralized currency and it can be used as-is in any place on the earth without having to convert to some other local currency. The use of bitcoin will help travelers save a fortune in their traveling expenses.
The ANZ rewards cards are more suited for domestic travelers in Australia as they can use the card in any place and benefit from the rewards associated with those expenses. However, there is a small catch. In order to be eligible for these rewards, the customer will have to spend at least $500 in the first three months of receiving the card and then there is an annual fee of $225 as well.