Credit card use abroad can be costly
If you are planning on using your credit cards whilst on your summer holiday abroad, you should be aware that your credit card company may have increased its charges. The banks and credit card companies have raised their charges due to having lost revenue when they were asked to lover penaty fees.
The comparison site USwitch has estimated that consumers using cards abroad will be charged a collective £355 million this year. The costs will be incurred for using cards in foreign shops or from withdrawing cash from machines whilst abroad. The Office of Fair Trading has capped the amount banks can charge for clients who miss a credit card payment. Morgan Stanley, which has 1.5 million credit card customers announced in February that customers using their cards abroad will have for pay a 3 per cent fee on every purhase they make, up a quarter per cent. The rise in cash withdrawal charges will mean a charge of six per cent. The Post Office and Nationwide are the only card providers who will not charge a fee. | 
