UK Money News
19th May 2008
Plastic charges 'bump up holiday costs'
Britons' love affair with plastic could be piling unnecessary pounds on to the cost of their holidays, say experts.
Personal finance information site, Moneyfacts.co.uk, says that the preference for credit cards and debit cards when on holiday is masking some of the charges levied when taking money out abroad.
Moneyfacts.co.uk's Michelle Slade explained: "With travellers cheques becoming rather old fashioned now, more people are resorting to using their credit or debit card when they go abroad.
"But these people need to make sure they are aware of the additional charges they will face for using their cards in a foreign country.
"Most credit cards charge a foreign usage charge, some as much as three per cent for both purchases and cash transactions. This charge is applied each time the card is used and can soon mount up to a significant amount."
The site stressed, however, that it was not simply a case of going back to more traditional means for taking money out while abroad but a matter of research.
Some firms offer no charges, such as the Post office and Abbey for example, while other, such as Goldfish, have a three per cent charge.
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