Credit Cards Online Information

HOLIDAYMAKERS are warned today about hidden charges when they use credit cards abroad.

Experts accused card companies of misleading tourists by hiding travel charges in their small print and said it cost Britons, with an average of 3.5 credit cards each, millions of pounds.

A study published today found it can cost up to Pounds 20 to make cash withdrawals abroad.

"A lot of the major high street banks are the biggest culprits," said Jim Adams of website bestcardforyou.com, which commissioned the research. "These companies hide the charges deep in the terms and conditions. We found that getting Pounds 300 out on holiday can cost up to Pounds 20 with some cards and people had no idea until they got their credit card bills."

The study found that the cost of withdrawing money from cash machines abroad was the biggest charge made to consumers, followed by foreign transaction fees - the details of which are usually hidden in the terms and conditions of the card agreement.

"For all-round value, however, your top beach buddy this summer needs to be the Nationwide credit card, of fering free foreign exchange cash transactions on ATM withdrawals abroad," said Mr Adams.

"The Nationwide card stands out from the crowd by promising to save holidaymakers about two per cent every time they use it either at a hole in the wall or for goods and services."

He claimed that competing card companies were misleading consumers by hiding their charges.

"Of course [they] are not going to publicise their weak points but there needs to be a change to the terms and conditions they all offer to make it more obvious what the charges are."

Mr Adams warned: "Steer clear of cards from Natwest, the Royal Bank of Scotland, the Alliance and Leicester and Barclaycard this summer.

"People get lulled into a false sense of security because they use these cards every day. But take them abroad and they are not always such good value."

He added: "Card companies are desperate to attract holidaymakers now, with beefedup benefits like air miles, travel accident insurance and free foreign exchange transactions.

"But people need to be aware of the day-today charges they'll incur abroad before they leave."

BEFORE YOU GO

Check you have a contact phone number for your bank that can be used abroad.

If you want to change your pin number, do it before you leave.

Keep a record of your card's 16-digit number in case you need to contact your issuer to report it lost or stolen.

# posted by Medical Information : 2:46 AM