Credit card users ‘lose £70m abroad’

Holidaymakers who used their debit or credit cards abroad last winter lost more than £70 million in bank charges, it has been revealed.

Research from Nationwide Building Society found that the figure was paid to card providers during the season, with each person losing an average of £81 due to bank fees.

Therefore, the lender is urging consumers to consider this issue if they plan to compare credit card offers in 2007, as it could provide the opportunity to save money while on holiday.

“Those planning to go abroad this winter should be aware of the hidden charges that most card providers impose,” said Jeremy Wood, Nationwide’s divisional director.

While debit and credit cards can be used at over 20 million Visa outlets across the world, banks and other lender can impose a number of charges when withdrawing cash or making purchases.

In related news, Visa recently announced a joint venture with Barclaycard and Transport for London, which is to see the launch of a contactless payment card for use on items costing less than £10.

© Adfero Ltd

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