Firms unveil holiday savings packages

During hard economic times any expenditure that does not fit the description of food, shelter and clothing is taken to the back burner.

For the majority, any luxury, like taking a holiday after completing a project or during the normal annual leave, will be delayed, the benefits notwithstanding.

Taking a safari around the country, a beach side break, or an overseas adventure, today, has become a financial drain.

But there is an option. Reducing the frequency and saving to raise the holiday budget are possibilities.

Lenders, tour and travel agents are coming up with savings schemes to help in facilitating these travels.

Festive seasons

USIU, Hazina, Kewisco, and the UN Saccos have launched holiday saving schemes, that, for now, focus on festive seasons like the Christmas, Easter and Id-ul Fitr while hoteliers and travel operators have pre-paid vacation packages.

Those whose holiday time is due but yet to meet the budget resort to personal loans or affordable credit cards.

A loan is not free money and it behoves a borrower to shop for the more comfortable product to repay since increased competition in financial services has seen many lenders lower rates.

Credit cards make travel easier because tourists do not have to carry wads of bank notes and go through the hustle of exchanging currencies.

Various banks in Kenya offer credit cards that can be used in and out of the country. But the rule of the thumb is affordability.

Barclaycard has ‘Beba Sasa’ that allows holders to purchase a holiday and repay in 36 months.

KCB and Serena Hotels have the KCB Serena MasterCard that allows for discount at Serena Hotels worldwide on various products, including meals.

Kenya Airways partnered with CfC Stanbic Bank to unveil a MasterCard allowing holders to earn one ‘msafiri’ mile for every Sh100 spent at any point of sale across the globe.

Before one chooses to buy a particular product, it is important to know the particulars including whether the card attracts a transaction fee for purchases made abroad.