Sep 29 • 2 mins read
Planned A Vacation? Don’t forget to plan your vacation emergency funds!
Using credit cards to finance your extraneous expenses during vacations is convenient but expensive. Most of us get so excited after planning the vacation that we forget to create emergency vacation funds for any unknown expenses that might come our way! Wondering what these unknown expenses could be, keep reading!
Many museums, parks, or eateries, do not accept cards. How can MoneyTap help with that?
MoneyTap gives you money as you like it. Once you have your credit limit on your app, you can either transfer it to your bank account and withdraw cash or use your MoneyTap card like a credit card. Since you anticipate the need for cash, you can transfer as little as Rs. 3000 to your account with the tap of a button on your phone. Then, withdraw your funds at the nearest ATM. You will only need to pay interest on the amount you use out of your credit limit.
I need to buy tickets online. Can MoneyTap help pay for travel tickets?
Yes, you can use MoneyTap to buy tickets online. Simply use your MoneyTap credit card like you would any other credit card. The good news is that you can opt to repay the funds borrowed by converting your amount due into EMIs that you can repay at a schedule of your choice. This way you will pay personal loan interest rates (nearly 50% lower than credit card rates) if you feel you will be unable to make minimum balance payments on your MoneyTap cards.
What if I have a medical emergency? How can MoneyTap help then?
There are few things worse than facing a medical emergency while on vacation, far away from home. In cases like this, the last thing you should have to worry about is being able to afford decent medical care.
Making sure you have money ready on your app before you go on vacation, can provide you with the reassurance that if you need it, the money will be there. You can use MoneyTap’s personal line of credit as a loan for medical emergency and won’t have to pay any interest on the credit limit until you actually make a withdrawal. If you do face a medical emergency, you can simply use your MoneyTap card to swipe at the hospital, or if you require cash you can transfer the amount to your account and make withdrawals/transfers as per your needs.
The great thing is that you can do all this with the tap of a finger, leaving you plenty of time to take care of other critical issues without worrying about gathering your funds. Your app will inform you of the processing fee (2% + service tax on the processing fee), which is no different from a regular personal loan, that you won’t be caught by any surprise hidden fees.
Click here to find out how some users have used MoneyTap for their expenses.