Valentine Travellers: Be Ware of Hidden Credit Fees
Most likely, thoughts of watching your credit card does not make you heart thump fondly. All the same, building society, Nationwide, has a few tips for making your Valentine’s Day celebration a bit more budget friendly.
Based on their information gathered that consumers lost an estimated £27 million in February 2007 from unnecessary credit fees, Nationwide is urging consumers who plan on travelling abroad for the Valentine’s holiday to research any hidden fees their card charges for overseas usage. If you find that your purchases will be subject to extra fees, consider using your debit card or converting currency.
However, it also pays (yes, literally), to be aware of the potential dangers in Dynamic Currency Conversion, which is when a cardholder can pay in sterling or local currency. In this situation, individual retailers can set their own conversion rate.
Summarizing the company’s advice, Nationwide division director, Jeremy Wood, states, “Couples who are planning to go abroad for a romantic getaway this Valentine’s Day should be aware of the hidden charges that most card providers impose, which are both costly and unnecessary.”