The Nationwide Building Society revealed that credit and debit card users will be charged a shocking £500 million on a holiday abroad this year. Card companies were now levying a charge on consumers for using their own money while on a holiday abroad. With records stating that UK residents spent more than £20 billion abroad on their credit and debit cards on a holiday, an average transaction being for about £75, card providers have indeed spotted a treasure trove for their own earnings.
Calculations by Nationwide further showed that current account users could be charged around £81 on £200 of currency withdrawals and £1,000 of spending. Stuart Bernau, Nationwide executive director understandingly seemed disgusted by this move and said that it was a shame to see credit and current account debit card providers penalize consumers so heavily for going on a holiday. He, therefore, advised consumers to opt for charge free cards for a happier holiday.
Furthermore, consumers could check the summary boxes on credit card leaflets to get a fair idea about the charge. These boxes are supposed to clearly display foreign currency loading fees as well among other charges. Perhaps travellers will revert back to cash and travellers cheques instead.
Posted
on : Fri, 18 Mar 2005 00:00 GMT | Credit Cards News
By : Salim Patel
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