Don’t let Valentines Day be a drain on your wallet

If you’re planning a romantic weekend in Paris to celebrate Valentine’s Day with your beloved, don’t let the costs of spending abroad be a drain on your wallet.

The vast majority of credit cards charge an extra 2.75 per cent for foreign currency transactions, as well as making a turn on the exchange rate, which can lead to some nasty surprises when you receive you next credit card statement.

Find a best-buy credit card

Only the i24 card, Nationwide, the Post Office and Saga’s credit cards don’t charge a foreign exchange loading (a fee for converting your spending to foreign currency). In Saga’s case, the ‘no foreign exchange loading’ only apples within the EU, outside the EU, a 1 per cent loading applies.

By contrast, the SkyCard Master Card levies a thumping 2.99 per cent for foreign exchange transactions, while the average foreign exchange loading across all credit cards is 2.66 per cent, according to Defaqto, the independent financial research company.

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