09 Apr 2019 Research carried out by financial advice website Moneycomms.co.uk and commented on by credit experts TotallyMoney reveals that certain credit cards used abroad can cost consumers as much as £50-£60 in charges.
This Easter, Britons travelling overseas and hoping to use their credit card to cover holiday spending, are urged to carefully consider which card they pack.
The variation between cards for cash purchases and ATM and transaction fees is staggering. For example, Virgin Money and Creation charge a 5% ATM fee whereas Santander, Halifax and Barclaycard have credit cards that waive it.
Commenting on the findings, Alastair Douglas, CEO of credit experts TotallyMoney said: “With the Easter break fast approaching, many will be looking forward to a bit of time away. But packing the wrong credit card could easily cost a lot more than you anticipate.”
Douglas warns: “Some credit cards are ultra-expensive when used outside the UK, causing havoc with your holiday spending budget, because we’re not just talking about a few pounds. In some cases it can set you back an extra £50 or more.”
To avoid budget-impacting credit card charges, Alastair recommends consumers, “Sign up for a ‘overseas’ credit card, prepaid currency card or Debit Card (if you’re prepared to switch bank account). Keep this dedicated overseas card in a drawer with your passport as your foreign spending card of choice.”
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