Overseas card fees set to rise
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According to findings from price comparison service Uswitch.com, consumers are paying £754 million in fees for using their credit or debit card abroad — up 6 per cent on 2008 when fees
totalled £710 million. Most credit cards charge a foreign usage charge for both purchases and transactions, and 17 banks are now also charging for overseas debit card purchases, according to
Uswitch — up from just nine last year. The average charge per purchase is £1.13. Debit card customers will be charged around £401million in fees for their purchases and cash withdrawals,
according to the research, while credit-card holders will be stung by nearly £353million. “Foreign card-usage fees have continued to creep in the wrong direction over the last 12 months,”
said Uswitch spokeswoman Louise Bond. “This, coupled with crippling exchange rates, means holidaymakers will certainly be feeling the pinch this year. To avoid any unwelcome surprises on
their return, any debit or credit-card holder should research foreign usage charges before they leave.”