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Credit card fees for overseas use climb

Tue, 14 Apr 2009

According to credit card news, fees for using your credit or debit card abroad are rapidly increasing. Price comparison engine and switching company uSwitch.com have found that charges levied for credit card use abroad have increased considerably in the last year.

In 2009, the company estimated, holidaymakers from the UK will pay an estimated £754 million for using their cards abroad. This figure is up 6 per cent on figures from last year.

Louise Bond, personal finance manager at uSwitch.com, reportedly commented: "With foreign card usage fees continuing to creep in the wrong direction over the last 12 months, this, coupled with crippling exchange rates, means that holidaymakers will certainly be feeling the pinch this year. Having less ready cash available to fund an escape to the sun from the recessionary gloom, many consumers may resort to funding their holiday purchases purely on plastic, incurring charges to the tune of £754million for the ‘privilege’. To avoid any unwelcome doormat surprises in their credit-card or bank statements upon their return home, any consumer who holds a debit or credit card should research foreign usage charges thoroughly before they leave so they can make informed decisions about how best to manage their holiday expenditure."
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