Avoid wasting money on credit card fees abroad, says expert
A financial expert has warned people setting off on holiday this Easter that they could be charged high fees for using their credit cards abroad.
Nationwide reported that in 2007, UK holidaymakers were charged £650 million on foreign currency loading fees when they used their credit cards overseas.
Jeremy Wood, divisional director at the building society, said that coming home after a break and finding they have been charged for using their cards would be enough to drive any holidaymaker "hopping mad".
"People who are planning to go abroad this Easter should be aware of the hidden charges that most card providers impose, which are both costly and unnecessary," he explained.
Mark Bowerman, a spokesperson for the UK payments association Apacs, recently advised people that the protection offered by the 1974 Consumer Credit Act should not be confused with travel insurance when using cards abroad.
The expert said that when making purchases abroad using credit cards, people ought to ensure they are dealing with a "reputable" company.