Credit card customers who are planning trips overseas with their loved ones over Valentine's Day have been warned to be wary of paying more than they need.
Traditionally, February 14th sees many romantic couples decide to book their travel insurance and head off for a holiday in sunnier climes.
However, credit card users may find that the trip costs more than expected because of the practice of dynamic currency conversion, according to financial services website Find.co.uk.
This involves foreign shopkeepers extracting commission when converting sterling from a UK credit card into local currency.
However, this purchase is typically then sent to be cleared by international credit card company Visa, which also charges for conversions, meaning shoppers effectively have to pay twice.
Kate Marsden, marketing director of Find.co.uk, urged credit card users to be wary of the practice.
"Using you credit card abroad can be a minefield," she said.
"Ensure that you get charged at point of sale in the local currency rather than sterling."
The first ever credit card to appear in the UK market was the Barclaycard, which was introduced by banking institution Barclays in 1966.
News Side
Credit card users warned about hidden conversion costs abroad
Fri, 09 Feb 2007
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