Beware overseas credit card charges, holidaymakers warned - 09/02/2007

Holidaymakers should beware of credit card companies that charge excessive fees for using their card overseas, a financial advice website has warned.

Most credit cards charge around 2.75 per cent for foreign currency transactions, according to Find.co.uk.

Currency conversion methods used by some providers can also cause consumers to lose out, as charges of up to seven per cent may be imposed.

"Using your credit card abroad can be a minefield, so be aware of how much your card provider is charging for foreign currency transactions," warned Kate Marsden, marketing director for Find.co.uk.

She added: "Ensure that you get charged at point of sale in the local currency, rather than sterling."

Last month, research from the Morgan Stanley Card Index indicated that Britons intend to spend an average of £285 on holidays with their credit cards during the first quarter of 2007.

track