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Charges for using a Credit Card abroad

If you are trying to find the best deals possible when comparing credit cards, it is vital to remember that it is not just the APR rate and interest charges you need to pay attention to, other points should not be forgotten when looking for the most appealing deals possible.

  • What will the charges be for using a card abroad?

You may find that your card won’t be used abroad hardly ever, if at all but it is becoming more and more common for most places to accept VISA, MasterCard and American Express to name but a few.

Following the recent dispute regarding unnecessary bank charges, it has been reported that most people looking to apply for credit cards don’t read the small print and using a card abroad can cost one dearly and in 2007 billions of pounds profit will be made as a result of such charges.

With many financial organisations, the fees may vary but if you spend £100 abroad for example then around £2.75 will be added on and whilst this may not sound like a lot, it will soon add up and there can be other “hidden charges” such as extra insurance policies to cover against theft etc.

Always remember when comparing credit cards, read ALL the small print to ensure that no charges seem too extreme, don’t just concentrate on APR rates, using cards abroad is more common place today then it was just 10 years ago and without the hassle of carrying a lot of cash around, it can also seem a convenience but at how much of an expense?

How can I find out what these charges are?

It is part of FSA regulations that all financial companies must clearly state their charges (however slight) because a lack of awareness about such charges is a major breach of protocol.

If you want to request the details from the lenders then again, they cannot refuse such a question so if you require the information then this should be provided to you immediately. Don’t take any excuses; you have the rights as much as anyone else to this information.

Will any rates be subject to change?

This can be another downfall when it comes to comparing credit cards and before submitting any applications, ask lenders if charges for use abroad rise after a particular period of time or if they are due to increase in the near future.

In most cases, such rates very rarely change but it is better to be safe than sorry and end up being stung with “over the top” charges and leading to headlining news which involves individuals recovering money that was taken from them illegally.

With this scenario, it is not illegal and claiming back money by not reading the small print is a common issue.

Overall, it doesn’t take a lot of time to compare credit cards but remember all of the following points which will help lead you to the best credit cards available on the market today:

  • APR Rate
  • Introductory period
  • Charges for using a card abroad

These are the most important points to remember with any potential credit card application and by confirming the rates and whether or not they are subject to change, a lot of time and potential problems can be very easily avoided.

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