Credit Cards Watch Out When Using Your Credit Card Abroad

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Credit Cards Watch Out When Using Your Credit Card Abroad

Going on holiday or business to Spain, France or Italy this year? Then watch out for a new ploy to overcharge your credit or debt card.

Many restaurateurs and retailers in these countries now have the facility to get you to authorise your bill in euros but then they recharge your card in sterling. That sounds innocent but there’s a sting in the tail. The retailers charge you an additional service fee of up to 4%! The system is called dynamic currency conversion (DCC).

DCC guidelines from Visa say that UK cardholders should be offered the option to either have their card charged in euros or to have the transaction changed into sterling before it goes through. It seems that in practice, few of us are being offered the alternative. Many retailers are charging us in sterling automatically – and with the extra 4% fee!

The language barrier might explain the lack of explanation but we are a little more cynical! Even where permission is sought, we doubt whether many restaurateurs or retailers will clearly spell out the additional service fee. After all it’s an opportunity to make...

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