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04 April 2006
Using credit cards on Easter holidays abroad could cost consumers more than they were expecting, warns a financial price comparison website.
With over five million British consumers estimated to be taking a holiday abroad this Easter, says the company, Brits should stay alert for charges incurred in foreign credit card transactions, which are expected to total up to £335 million this year.
Despite the court of appeal's recent ruling that credit card providers must cover fraud or damaged goods purchased abroad, consumers may still get caught out with unexpected charges, says moneysupermarket.com.
"Spending on plastic is a popular and convenient choice for many Brits abroad," said Robert Kenley of moneysupermarket.com.
"Yet the costs of doing so if you do not use the 'right' card can far outweigh the benefits. Even consumers who have wised up to the loading fees and ATM charges now need to be aware of dynamic currency conversion fees."
"That said, many credit cards do come with additional perks such as free purchase protection for cover against loss, theft and accidental damage for purchases and the added convenience that almost all parts of the globe will accept your plastic friend."
Charges to watch out for included ATM withdrawal fees, foreign currency charges and dynamic currency conversion, where retailers convert the price of goods at their own conversion rate. Consumers should investigate which cards offer the lowest fees and switch providers if necessary, said the company.
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