Avoid getting ripped of by you credit card company when travelling abroad
Here are some tips to help you avoid getting ripped off when you are on holiday abroad. So next time you are sunning yourself at your property in Side, you don’t need to worry about the hidden costs that will hit you when you return to the UK.
Firstly, when travelling to another country your credit card companies will issue a fee when you exchange your currency. The currency conversion fee is usually about 2.75 percent, however it is a hidden cost so you may not even realise it has been charged. Whenever you use the card, you will face a transaction fee of about £1.50 and when you withdraw cash from your account from a local bank you can expect to pay roughly 2.5 percent, with a minimum fee of £3. You will also be charged for interest after the cash has been withdrawn.
When you add up all these fees, you may feel like you are being ripped off in the long run. The solution to this is to use a credit card which can offer you the best deal when you travel. One is the Post Office Card, which incurs no transaction fees or Europe load fees and the cash withdrawal fee is the same at 2.5 percent. If you use Nationwide then you can expect to pay just 1 percent for the outside Europe fee and 2.5 percent for cash withdrawal, with no further fees.
In addition, the Saga Card, which is only available to those over the age of 50, only incurs a 2 percent fee for cash withdrawal and a 1 percent for outside Europe fee, again with no further costs involved.
However, the very best deal on the market right now for travelling abroad may well be the Nationwide Debit Card. The only fee involved is the 1 percent outside Europe charge. There is no transaction cost or withdrawal fee involved when you use this card abroad.
Comments are closed!