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Card holders wasting millions on holiday

March 6, 2007 by admin  
Filed under News, News-Credit-Cards

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Credit card holders are being warned that they may be wasting millions of pounds on fees by making purchases while abroad.

The Post Office has released research which shows that 49 per cent of us are planning to spend money on our credit cards while abroad but few of us are aware of the charges that we will incur.

A total of 47 per cent of people who are planning a trip this year are completely unaware that they will be charged, with the typical cardholder being stung with a 2.75 per cent fee for every transaction.

The Post Office claims that we will be charged a combined £258 million in fees, with banks just as likely to levy a charge as credit card providers.

“We are now four times more likely to spend on plastic abroad than ten years ago,” said Claire Oldstein, head of communications at the Post Office.

“It’s shocking not only to see how much people are being penalised to use their cards on holiday, but how few are aware of this.

“We urge holidaymakers to check with their bank or credit card provider whether they will be paying a fee to shop overseas before they go,” she added.

According to the research, people aged between 18 and 24 are the least likely to know if they have to pay a charge for using their card abroad.

If you are planning a trip abroad and intend to spend money on your card – credit or debit – you should contact your provider to see if you will have to pay a fee.

Tags: Credit card holders, research, GBP, holiday, provider, purchases, Credit Cards

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