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Credit Cards On Holiday

You can use Credit Cards (and charge cards) to pay for purchases and to get cash from banks and any cash machines that display your credit card's logo, provided you know you PIN. They can also be useful for unexpected emergencies, therefore it may be worthwhile asking for a credit limit increase before you go on your holiday especially if it is on the low side to begin with.

You usually have to pay a 1.5% handling fee for cash withdrawals, and depending on your card issuer, you may also face interest charges.

Both cash withdrawals and purchases are also subject to a loading charge, which is incorporated into the exchange rate used to convert your foreign transaction into sterling.

However, even taking this charge into account, the exchange rate is usually more favourable than the tourist rates so it will usually be cheaper to use your credit card for purchases than to pay in foreign currency.

Some Credit cards use a higher loading charge than others for foreign transactions, so it is worth checking the terms and conditions of your current credit card provider well before your holiday commences, especially if you are charged interest as well as a handling fee on cash withdrawals.

This should give you the time to look around for and apply for a credit card with better terms and conditions for foreign transactions before you go away.

Another advantage of using your credit card is you will be protected by the consumer credit act on all your purchases made abroad, so always keep receipts. (this isn't the case with charge cards)

Holiday Money

For more information and tips on holiday money click here: Holiday Money

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