Holidaymakers Spending Millions In Credit Card Fees
People from the UK travelling abroad could be spending millions of pounds on unnecessary credit card fees, according to the latest research. Figures from the Post Office suggest that nearly half (49 per cent) of people travelling abroad plan to use their credit cards. Yet they can expect to pay £258 million in fees through bank and credit card providers, with an average 2.75 per cent fee charged per transaction. The research also revealed that more than a third believe that their credit card providers levy no fees at all in spite of there only being two cards on the market which do not charge for use abroad. Claire Oldstein, head of communications at the Post Office, commented: “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.”
Consumers who are struggling with debt owed to several credit card providers might wish to wrap them up into one monthly repayment loan. A debt consolidation loan can reduce the rate of interest on repayments as well as tie up several debts into one package.
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