The average charge for using a credit card outside the UK stands at 2.75 per cent, but recent research from the Post Office shows that a full 47 per cent of British consumers are not aware that holiday spending can mean added fees.
And the issue could lead to people across the country increasing their debt management problems, because ten million Britons have no plan to limit their spending while on holiday, the latest figures indicate.
Head of lending at the Post Office Gary Fitton said: “We are now four times more likely to spend on plastic abroad than ten years ago. It’s shocking not only to see how much people are being penalised to use their cards on holiday, but how few are aware of this.
“We urge holidaymakers to check with their bank or credit card provider whether they will be paying a fee to shop overseas before they go.”
Figures from uSwitch.com recently revealed that millions of consumers in the UK could soon be paying off their credit card debt for decades if they repay at the minimum rate.