Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £3 per month, your representative rate is 27.7% APR (variable).
Malta is one of Europe’s smallest countries, but it has one of the most well-developed banking systems. In fact, it’s fast becoming an international finance hub.
As such, you’ll find it highly convenient when you visit the island on holiday.
Visa and Mastercard are the most widely-accepted credit card networks. You’ll be most likely to come across retailers, hotels and restaurants that accept credit cards on the main island.
You won’t have to show ID when paying by card (as you do in some countries), and you can buy public transport tickets and pay for taxis using your credit card.
If you’re headed to one of the less-populated islands, you might be safer having some euros in your wallet in case you stumble upon a retailer that doesn’t accept card payments.
ATMs are all around the country, but you’ll often have to pay to withdraw euros from an ATM.
As you’d expect, there are a few potential fees to watch out for when you’re paying with plastic in Malta:
It’s also worth noting when it comes to cash advances and non-sterling transactions, many card issuers will start charging interest on the day your account is debited, rather than the customary “up to 55 days interest-free” that usually applies provided you clear your balance in full each month.
Consider taking out a credit card offering commission-free currency conversion (see table below), even if you only use it when you’re out of the country. Once you have one of these cards, if a merchant offers to take payment in pounds, say you’re happy to pay in euros, since you know your own bank won’t add a margin.
Generally speaking, it’s not a great idea to use credit cards to withdraw cash, but some travel credit cards won’t penalise you for this either. Finally, make sure to check whether any ATM you use is going to charge a fee. High street bank ATMs are generally a safer bet than those in convenience stores or bars.
American Express cards aren’t widely accepted in Malta, as many retailers want to avoid the high processing fees bestowed upon them by this network. Merchants that do accept Amex may levy a surcharge for payments.
Malta is a bit behind the curve when it comes to contactless payments. The technology was introduced in 2016 and it’s becoming more common.
Chip-and-PIN payments are available throughout the country, provided your credit card comes with a four-digit PIN.
There are low levels of crime in Malta, although there have been incidents of card skimming in recent years. Here are some precautions you can take for increased security:
If you travel to Malta, you can safely use your credit card to make payments and withdraw cash. You’ll just have to be careful to not incur fees you can otherwise avoid. With a decent travel credit card, you’ll avoid paying foreign transaction fees. By simply declining the DCC when offered, you’ll also avoid a poor exchange rate or commission.
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