Holidaymakers using their cards abroad this year will be charged around £258 million in fees for doing so, according to a new report.
Research conducted by the Post Office found that approximately fifty per cent of British travellers will use their cards overseas in the coming year.
In total, combined spending overseas on credit cards will reach an estimated £9.4 billion, with £258 million extra being imposed in the form of fees.
Claire Oldstein, Post Office head of communications. ” It ‘ s shocking not only to see how much people are being penalised to use their cards on holiday, but how few are aware of this. ”
Half the people questioned by the Post Office were unaware that the average credit card provider charges a fee of 2.75 per cent for every overseas transaction.
Over a third believed their credit card provider does not charge a fee at all; according to the Post Office only its own credit card and Nationwide’s do not charge for overseas use.
The Post Office first launched its credit card in 2005 and said at the time it intended to be a “big player” in the market.
© Adfero Ltd