New Price Hike For Using Your Credit Card Abroad

Holidaymakers and business uses face higher charges for using a credit card outside Britain. 

 Customers of one  major bank will  have to pay a 3% fee on every purchase.  The excessive charge for currency withdrawals will rise to 6%.

Morgan Stanley announced these new charges on Friday, February 23, 2007, these new charges would apply from April 24^th.2007. All credit card or debit card purchases on plastic attracts a fee linked to the value of the transactions, many customers do not realize they have been charged because the fee is usually  disguised on statements as a currency conversion usually set a very poor rate.

Most banks levy extra fees for the use of a cash machine over sea’s, a tourist taking out £100 could pay an extra £4.50 on a debit card.

  At present Moran Stanley APR ranges from 14.9% to 16.9%

The full article can be read in the Daily Mail Saturday ,February 24^th 2007

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