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Check Your Credit Card Terms Before Spending Overseas

The Nationwide Building Society has issued a timely reminder to those UK holidaymakers who are looking to use their credit cards overseas – check the terms before your spend!

The building society has highlighted the fact that over £650 million in credit card fees was wasted by UK credit card holders in 2007, with the vast majority revolving around so called ‘foreign currency exchange’ fees. These fees are charged each time an overseas purchase is made and can commonly add up to 3% to the cost of your purchases. However, thankfully we are seeing more and more UK credit card companies leave these fees behind in favour of a more open and transparent charging structure, many of which do not involve additional fees for overseas use.

For those interested in finding a more user friendly credit card for use overseas they may want to check out the Abbey Zero card, Nationwide Gold card, Post Office credit card and the Thomas Cook card – all of which do not charge ‘foreign currency exchange’ fees. However, it is also vital to ensure that you know whether the exchange rate your credit card provider uses is competitive, as this is sometimes a way in which they can increase their returns from card use overseas.

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