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17 December 2007
Consumers in the UK are being urged to bear in mind the high cost of using a credit card abroad if they plan to jet off over the festive season. According to a recent report the combination of bad weather in the UK and the availability of cheap flights means that around two and a half million people will be going abroad to enjoy Christmas and New Year. Many will be going armed with their trusty credit card, but according to officials this could end up costing them dearly if they are not careful.
Recent research carried out by the Post Office shows that credit card companies charge hefty fees for transactions conducted abroad, and often these fees are hidden away in the small print, which means that many consumers do not realise that they will be hit with the charges until it is too late and they receive their credit card statements. The average charge per transaction is around 2.75%, with additional fees for cash transactions.
Those heading abroad with their credit cards and being urged to check with their credit card companies with regards to the types of fees that they will be hit with if they use their cards abroad, so that they do not get a shock when their statements arrive in the New Year.
One official from the Post Office, which was responsible for highlighting the hidden charges, stated: "For many people, going abroad for Christmas is a great way to relax and not have to worry about cooking Christmas dinner. However, with 49 per cent of UK holidaymakers planning to use their credit card when shopping abroad many people could be returning from their Christmas break with a lot more than just ‘memories and mementoes’ due to hidden card charges."
He added: "Regardless of where people are travelling to this Christmas we are urging holidaymakers to ensure the only baggage they return with is the luggage they are carrying and not unnecessary card charges."
The Post Office credit cards are free from commission charges on foreign transactions - saving you the standard 2.75% fee.
British holidaymakers also need to be extra vigilant when using their credit cards abroad, as recent reports have highlighted the high levels of card crime that many Brits fall victim to when using their cards abroad.
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