Holidaymakers warned on credit card charges
People planning a holiday this summer are being urged to be aware of the charges applied by some credit card providers for use abroad.A report from Moneyfacts revealed that most credit card companies add foreign usage fees to card balances for purchases and cash withdrawals."Most credit cards charge a foreign usage charge, some as much as three per cent for both purchases and cash transactions," said Michelle Slade from the finance site."This charge is applied each time the card is used and can soon mount up to a significant amount."She went on to explain that using debt cards at ATMs overseas can also cost more, with minimum charges and conversion rates often applying.A recent study from uSwitch revealed that consumers spend £23 billion on debit and credit cards via either purchases or cash withdrawals while overseas a year, incurring £686 million in charges.
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