Credit Card News New Survey Recommends Nationwide Credit Card 15004743
New survey recommends Nationwide credit card
14 July 2005
That is the message from price comparison website, moneysupermarket.com, whose latest survey revealed a startling amount of wasted money simply because people fail to shop around for the right card for their needs.
The hidden costs of using plastic abroad means many consumers are completely oblivious to the currency conversion charges when they spend overseas.
As such, the website is recommending the Nationwide Cashback Card as the best card to use if making purchases on holiday.
“Spending on plastic is a popular and convenient choice for many Brits abroad,” remarked the director of credit cards at moneysupermarket.com, Richard Mason.
“Yet, the costs of doing so if you do not use the ‘right’ card can well outweigh the benefits.”
Many people fall foul to the most common pitfall – the foreign currency charge.
Typically providers such as HSBC and Barclaycard levy a loading fee of around 2.75 per cent on all purchases and cash withdrawn overseas.
However, neither Nationwide nor Lombard Direct impose this charge on holidaymakers.
On top of that there is normally an ATM withdrawal fee of around £2 or two per cent, whichever is greater, for taking money out of a hole in the wall when abroad.
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