Over two-thirds (68 per cent) of holidaymakers who plan to use their trSeptember 14, 2010
UK holidaymakers are set to spend &163;3bn on their credit cards while abroad before the end of 2010, according to new research from Post Office Credit Cards. However, the research found that some 4.8 million travel credit card users are likely to face extra charges imposed by credit card companies for using travel credit cards overseas.
Of all UK holidaymakers who plan to use their travel credit cards abroad, almost half (42 per cent) admitted to being unaware as to what it would cost them. When asked why they would be using their travel credit cards while on holiday the research found that 300,000 people claim to use their card abroad because they will have no extra money left after paying for the holiday itself. A quarter of those planning to spend on a travel credit card while abroad will do so in order to top up their spending money after they have used all their cash, and 15 per cent will use their travel credit card to spend more while they are away and then pay it off at a later date.
The Post Office reminds UK holidaymakers that using travel credit cards for spending overseas can sometimes prove expensive as many providers typically charge additional fees for both purchases and cash withdrawals when using travel credit cards abroad.
In order to avoid these charges, Post Office Credit Card is advising travellers to shop around for the best deal on their travel credit cards before they depart. Unlike many other providers who charge travel credit card fees, the Post Office offers its travel credit card holders 0% commission on overseas purchases.
avel credit card overseas could be set to waste millions in travel credit card charges, according to research conducted by Post Office Credit Cards.According to the Post Office research, paying unnecessarily for the privilege of using a travel credit card abroad is one of the top five financial travel traps catching out UK holidaymakers. Cutting corners on travel insurance and paying over the odds for foreign currency were also identified as common holiday pitfalls.
However, travel credit card charges could easily be avoided by using a travel credit card which does not charge a fee for foreign transactions, such as the Post Office’s Credit Card.
Meanwhile the Post Office is advising UK holidaymakers travelling to Europe to check that their transaction can be made in the local currency, instead of automatically being changed to the currency of wherever the card was issued which can result in the travel credit card holder paying over the odds for the purchase.
Az Alibhai, Post Office Head of Credit Cards, said: “If you are planning to use your travel credit card abroad it is vital that you use one which doesn’t charge any fee for purchases made abroad.
“The Post Office travel credit card doesn’t charge at all for foreign purchases, whether you’re within the EU or off on a long-haul trip.?/p>
The Post Office travel credit card also offers no cash advance fee when purchasing foreign currency from the Post Office.
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