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Debt help may follow credit card fees incurred abroad

Debt help may follow credit card fees incurred abroad

- Monday, 15 February 2010

People using their credit card while on holiday may need debt advice on their return due to unknown foreign exchange fees.

New research by Santander Cards has revealed that Britons incurred £122 million pounds in foreign exchange fees when using their credit card abroad last year.

Travellers spent on average of £600 each on their credit card overseas in 2009, and nearly all credit cards impose a foreign exchange fee of around 2.75 per cent, according to the study.

What's more, one in five travellers used a credit card as their primary means of making purchases abroad.

Commenting on the figures, director of Santander Cards Emma Roberts said: "With many Britons embracing a more careful approach to their spending, foreign exchange fees are one expense that those travelling abroad this year can definitely do without."

According to recent research from travelsupermarket.com, 16 per cent of people said they are more likely to go on holiday in the next year than they were six months ago.

Yet many people are taking a more cautious approach to their holiday spending, with the average weekly spend per person decreasing from £312 in the last quarter to the current figure of £295, the study reports.ADNFCR-2300-ID-19615181-ADNFCR
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