Hidden Outlay of Valentine’s Day

Posted 2008-02-1

Consumers this year are being warned about hidden costs they may find when using their credit cards abroad.
“Couples who are planning to go abroad for a romantic getaway this Valentine’s Day should be aware of the hidden charges that most card providers impose, which are both costly and unnecessary,” asserted Jeremy Wood, Divisional Director at Nationwide.
Nationwide’s research found that last February’s travellers saw credit card users loose upwards of a whopping £27 million in unnecessary charges. This year consumers are advised to utilize debit cards where possible and avoid being scalped by providers that charge unnecessary foreign usage fees.
When making purchases abroad use Dynamic Currency Conversion wisely. Under this type of conversion, the customer is able to pay either in sterling or local currency. However, cardholders should also be aware that retailers are able to determine the rate of conversion.
Debt consolidation loans have been suggested for those who have lingering repayments and financial woes, as cited by Iain Wrenshall, Director of Debt Help UK.

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