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You've
been thinking about a break for months and now you've finally
got away.
You've spent all the money you exchanged, but how useful,
your credit card can not only be used to pay for most things
in some foreign countries, but you can also use it to withdraw
money at an ATM!
Fantastic! Or is it...
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According
to comparison website USwitch, we're wasting a staggering
£560m in unnecessary credit card fees on holiday.
This includes charges for withdrawing cash at ATMs, higher
interest rates for cash withdrawals and interest being charged
as soon as you withdraw your money from the machine and it
all seemed so easy when you were there!
Plus, for those who decide to switch or take out a new card
for their holiday had better get a move on posting the application.
Not only do you need to be aware of high charges, but you
also need to apply sooner rather than later as some cards
take at least 4 weeks to arrive.
If you're accustomed to taking out cash on your credit card
from an ATM beware of the numerous hidden costs for the privilege.
These costs include:
Different
interest rates for withdrawals and retail purchases
You should be aware that with very few exceptions, providers
charge a different interest rate to withdraw cash than they
do for retail purchases, and most cards charge interest
as soon as the cash is withdrawn.
Those wishing to avoid this trap should get a card that doesn't
charge a loading fee.
Nick White at USwitch.com, says: "The vast majority of
credit card companies charge loading fees when transactions
are made or when cash is taken out abroad. This charge is
often put down to covering costs, but in reality, providers
are actually using it as an opportunity to bolster their profits.
If you hold one of the more popular credit cards, including
those from the big four banks, your transactions could prove
more costly than expected."
Look carefully for hidden charges
in the small print and shop around for the best deal, especially
if you are only getting the card to take on holiday, as it
may not be the best option.
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Credit Helpline is provided by Asset Design
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from the finance houses.
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or with CCJs, tenants or home owners). Our aim to help
our clients save money by managing debt more successfully
and aiming to procure BETTER mortgage, remortgage and
loan rates and terms. |
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