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Using your credit card overseas, the traps

Even though fewer of the UK population will be holidaying overseas this year, there are still significant issues with regards to the use of credit cards on your travels abroad. It would appear that more and more credit card holders are unaware of any potential charges they may incur when using their credit card overseas, with very few actually investigating the situation. So what should you look out for?

The credit card industry headlines are often muddied by a mixture of uncompetitive exchange rates and charges per transaction. In some cases it may be better to accept a less competitive exchange rate, and make up any potential shortfall by the lack of charges, although with some credit card operators the exact opposite may be the case. You need to investigate basic charges which your credit card company will apply for use overseas as well as how competitive the exchange rate may be.

Literally millions upon millions of pounds are wasted each and every year by UK travellers who are paying charges they could avoid or taking losses on exchange-rate transactions due to uncompetitive rates. Some credit cards in the UK are targeted at certain markets and it is vital that you take a "horses for courses" approach to save yourself money.

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