21 May 2013

Posted by Discount Insurance on Tuesday, May 21, 2013
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Brits will rack up £327 million in charges for using the credit cards abroad this summer, a study shows.

British tourists using the credit cards overseas will face hefty charges totaling £327 million, new research shows.

A quarter of consumers are planning to flash the plastic during their time away, according to the study for uSwitch - but a similar number who are planning to use their debit cards could be hit with extra fees as well.

It seems that for many Brits financial sense stays at home when they jet off. Rather than checking which card is best in terms of interest rates or protection, one in four say that they will use whichever is handy at the time.

In addition, more than half of this summer’s holidaymakers say they will put the cost of their trip on credit cards, even though one in eight admitted they were still paying off their debts from last year’s break.

On average, Brits abroad will be adding £992 to their credit card balances despite average transaction fees of 2.75 per cent - and most are not making the most of extra features such as cashback or rewards.

For extra peace of mind on your next holiday, Discount Insurance offers competitive rates on travel insurance.