Hidden costs on credit cards abroad

| July 23, 2007 | 0 Comments

The Post Office has established that nearly half of UK holidaymakers anticipate using their credit card to shop abroad, accounting for an approximate spend of around £9.4 billion but they could be wasting a vast amount of money on unnecessary fees.

Most credit cards charge, on average, 2.75% for each transaction made abroad. However, it’s not just credit card providers, many debit card providers are also charging fees abroad and 47% of holidaymakers are unaware of these hidden costs.

Over one third of credit card users are unaware that their provider does not charge a fee. There are only two credit cards available that do not charge for transactions abroad, one being the Post Office credit card.

26% of holidaymakers do not have a budget when they are away resulting in many paying for their holiday months after they arrive home. According to the statistics, 69% of women stick to their holiday budget compared to 59% of men.

A spokesperson for the Post Office commented that it’s worrying to see how few people are unaware of these charges, figures show that we are now 4 times more likely to use our credit cards abroad than a decade ago. Holidaymakers are advised to check whether they will be charged to shop overseas when using their credit or debit card.

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