Those looking to get away from the cold UK weather this winter have been warned about the foreign usage charges they may incur on their credit cards .
Using plastic to take money out at an ATM machine or for purchasing items abroad can lead to charges as high as 2.99 per cent with some providers, and Moneyfacts is urging travellers to find a different way to pay.
The worst offenders for extra fees in the EU are American Express, HSBC and its subsidiary MBNA Europe Bank, which all charge the top rate for foreign credit card usage, research by the website found.
Michelle Slade, analyst at Moneyfacts, said: “Taking cash out on your credit card is never advisable, even in the UK. Not only is the interest rate much higher than on purchases but you will be charged interest from day one.”
The Mirror newspaper recently urged credit card users to watch out for ways which providers may try to charge customers more for the service through hidden fees such as dormancy penalties.
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Tags: Charges, Credit Card
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