Travellers warned over credit card charges

14 July 2005
Holidaymakers are being warned to watch out for expensive charges when using their credit cards abroad.

It follows a moneyfacts.co.uk poll that revealed while 69 per cent of consumers use their credit card abroad, 67 per cent of them do not know how much they are charged for them.

On average, the so-called 'loading' charge for foreign usage weighs in at 2.75 per cent, which equates to £27.50 in fees for every £1,000 spent.

However, those that opt to withdraw money overseas are charged an additional cash withdrawal fee, which averages an extra two per cent.

"It is worthwhile consumers checking what they will be charged by their card provider before setting off on their travels, as this will help to prevent them returning to find a nasty surprise on their credit card statement," commented Samantha Owens from moneyfacts.co.uk.

Naming the providers who topped the best deals chart, she said: "Nationwide BS bucks the trend with no foreign usage loading and a lower cash withdrawal charge of only 1.5 per cent."

She added: "Liverpool Victoria offers the same deal as long as the customer uses their card within the EU."

To read more about credit cards, click here.


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