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13 July 2006
British holidaymakers could be as much as £335 million out-of-pocket this summer, whether covered by holiday insurance or not, if they don't take care with their credit card spending, according to a new report. Figures from moneysupermarket.com suggest that with transaction charges on purchases and overseas cash withdrawals typically being around 2.75 per cent and holidaymakers estimated to spend around £8 billion while abroad this summer, extra unseen costs could easily add up.
Card users should bear in mind hidden costs such as foreign currency charges, cash advance fees and dynamic currency conversion when using with their credit card abroad.
Head of credit cards at moneysupermarket.com, Robert Kenley, said: "Spending on plastic is a popular and convenient choice for Brits abroad. But if you don’t use the 'right' card in the right way the costs can far outweigh the benefits.
"Before setting off it's worth taking the time to ensure the credit card in your holiday wallet is not going to subject you to any unnecessary fees and charges."
Mr Kenley recommends that to save money, as well as searching out the most economical holiday insurance policy, travellers should compare the fees and charges available on different credit cards.
Moneysupermarket.com site offers consumers access to information on more than 300 credit cards and over 1,200 travel insurance policies.
© Adfero Ltd
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