Card companies charge holidaymakers £500m

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Card companies charge holidaymakers £500m

New reports suggest that UK holidaymakers will be charged an estimated £500 million to use debit and credit cards this year, in keeping with figures for 2004.

According to Nationwide Building Society more than £20 billion was collectively spent abroad by UK travellers last year, for which cardholders were charged a combined total of £500 million. In some instances, current account holders were charged over £80 on £200 worth of withdrawn currency and £1,000 of spending.

Nonetheless, some credit card companies do not charge at all for transactions carried out overseas, and in any case, foreign currency loading fees are required to be clearly displayed.

Nationwide's executive director, Stuart Bernau comments: "I think it is a shame that so many credit and current account debit card providers are still penalising their customers for going on holiday.

"If consumers don't want to be unhappy this Easter, they should select a card that avoids unnecessary charges," he added.

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