Overseas credit card use could cost the earth

Wed, 06 Feb 2008

People could end up paying over the odds if they are not careful when using their credit cards abroad, one industry body believes.

According to Nationwide Building Society the practice of dynamic currency conversion (DDC) means that some credit card holders could end up worse off than usual when meeting holiday expenses.

DCC is a service provided by some card companies or cash-points. It allows UK credit card holders to pay in sterling but, Nationwide warns, they will be subject to a conversion rate decided by the retailer if they do this.

The building society says that this could end up costing them more than the 2.75 per cent charge levied on those withdrawing foreign currency with their credit card.

In January Abbey said that people should shop round to find the best credit card deal to "improve their financial fitness".

The bank said that the post Christmas period was the perfect time for people to sort out their finances .

Related credit card articles

Credit card fraud 'still increasing' - Wed, 06 Aug 2008

Credit card holiday spending set to continue, research shows - Thu, 24 Jul 2008

Credit card firms upping rates, research shows - Wed, 23 Jul 2008

Credit card balance transfer deals still on offer, research shows - Mon, 21 Jul 2008

Credit card debt disturbing, expert claims - Wed, 16 Jul 2008

Warning over fraudulent credit card applications - Thu, 03 Jul 2008

Warning over mounting credit card debts - Tue, 01 Jul 2008

Reward credit cards offer long-term value, expert claims - Mon, 30 Jun 2008

Warning over credit card payments - Thu, 26 Jun 2008

Graduates should pay off credit card bills first, expert advises - Thu, 19 Jun 2008

More news...

Recommended links

Credit card comparison site
Today's credit card providers
Credit card comparison tool
Using your card Abroad
Payment Protection Insurance
0 per cent credit cards
Balance transfer credit cards
Credit cards ok overseas, Britons advised
Credit card users warned about hidden conversion costs abroad

Link to this page

Copy and Paste the following HTML into your page.

<a href="http://www.creditcard.co.uk/News/2008/Feb/overseas-credit-card-use-could-cost-the-earth.html" title="Overseas credit card use could cost the earth">Overseas credit card use could...</a>