More Brits Take Credit Cards on Holiday
The summer has been a wash out in the UK, hence the mass exodus to warmer climbs.
Early industry reports are suggesting that this exodus of Brits is packing more and more trusty credit cards with their sun block and swim wear. This is in spite of rising credit fees and warnings over credit over stretch.
According to research:
“Fewer people that head abroad are now using travellers cheques, and more people seem to prefer the ease and convenience of credit card spending. Many credit card companies have hiked up fees and charges associated with credit card use abroad, raising both cash transaction fees and foreign fees. According to APACS credit card fraud against Brits abroad has also risen in the past year, rocketing from £82.8 million to £118.2 million. Despite these figures and rising rates Brits still clocked up £23 billion on their credit cards abroad last year, and this year the figure could be even higher.”
An industry spokesman has recently stated:
“People tend to use cards because they’re just more convenient and you know what you’re getting. Whereas I think with travellers cheques you’re having to pay a whole range of fees. And in some cases, you just don’t find they’re acceptable in so many places. It’s just a mix.”
This certainly concurs with my own experiences. Afterall, how convenient is it to carry plastic over travellers cheques or even cash. Just be careful how you use your card and never let it out of your sight.
(Via Card Guide)
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