Potential savings of several hundred francs on credit cards
Published: Wednesday, Jul 24th 2024, 07:30
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The Swiss could save a lot of money on their credit cards if they chose the right credit card for their needs. The savings potential amounts to several hundred francs per year, the internet comparison service Moneyland found in a study published on Wednesday.
Many customers have credit cards that are too expensive or unsuitable, explained Moneyland Managing Director Benjamin Manz. Occasional users could save over 590 francs in the first two years if they switched from the most expensive to the cheapest credit card - without taking into account the expensive platinum credit cards. For frequent users, the savings potential is even over CHF 780.
For occasional users, the cashback credit cards Swisscard Cashback Cards Amex and Poinz Swiss Loyalty Card are the cheapest. These are credit cards without an annual fee.
Abroad, the Migros Cumulus Visa credit card is the cheapest for two years because there are no additional processing fees for foreign currencies. For frequent users, the cashback credit cards American Express from Swisscard and Poinz Swiss Loyalty are the cheapest for the first two years, Moneyland wrote.
Tips for the vacations
When paying abroad, the online comparison service recommends paying in the local currency and not in Swiss francs. This could avoid higher fees. Cash withdrawals abroad should not be made with a credit card, as in most cases high fees of often at least 10 francs would be incurred. Debit or Neobank cards are preferable for cash withdrawals.
"Another tip: free-standing ATMs (for example in airports or in front of stores) often charge very high fees. It is better to choose an ATM from a larger bank," wrote Moneyland.
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