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How much does it cost to use your credit card abroad?
Updated: Monday 5 December, 2011
By Martin Fagan
Going on holiday this year? We reveal exactly how much it will cost you to spend and withdraw cash with your credit card overseas.
Holiday season is an exciting time - you spend all year slaving away at work and then finally the summer arrives and the countdown to your well-deserved break begins.
There’s plenty to organise for a holiday, and one of the crucial things to work out before you travel is how to spend abroad which, as credit card charges vary so wildly between providers, is not always as easy as it seems.
To help you out, we’ve taken some of the most popular credit cards on the market, looked closely at their fees and worked out exactly how much it would cost you to spend or withdraw in cash in five lots of €100.
The results are pretty surprising. As you can see from the figures below, when it comes to spending abroad - putting a restaurant bill or souvenirs on your card, for example - there is not too great a difference between the cheapest card and the most expensive cards, which when you are spending five lots of €100 abroad will charge just less than £13 more.
However, when it comes to withdrawing cash, the card you decide to use can make a big difference.
First of all, you should only really withdraw cash on a credit card as a last resort – or in an emergency - as with most cards you will be facing charges of at least £2.50 per transaction.
Plus, when you make a cash withdrawal, credit card companies will start charging you interest on the amount immediately - so, even if you always pay off your balance in full, you will be paying interest.
However, if you do need to withdraw cash – you should pick your card wisely. A glance at the table below will show you how foreign loading fees and cash withdrawal fees add to your holiday spending.
So, before you embark on your travels this year, make sure you have checked the cost of using the cards in your wallet. And, while on holiday, avoid withdrawing cash on a credit card.
| Credit card | Foreign usage fee / Loading fee | Cash withdrawal fee | Cash withdrawal APR* | Total cost of spending five lots of €100** | Total cost of withdrawing five lots of €100 cash** |
| American Express Platinum credit card | 2.99% | 3% (minimum £3) | 27.9% (monthly rate 2.08%) | £443.92 | £467.87 |
| Egg credit card | 2.95% | 3% (minimum £5) | 22.9% or 25.9% (monthly rate 1.736% or 1.941%) | £443.74 | £476.88 (assuming lowest cash withdrawal interest rate) |
| Nationwide credit cards | None in Europe. 0.84% outside Europe. | 2.5% (minimum £3) | 27.9% (monthly rate 2.075%) | £431.03 in Europe. £434.65 outside Europe. | £455.29 in Europe. £458.99 outside Europe. |
| Post Office credit card | None | 2.5% (minimum £3) | 24.10% (monthly rate 2.008%) | £431.03 | £454.99 |
| Santander credit card (Previously known as Abbey credit card) | 2.95% | 3% (minimum £3) | 27.9% (monthly rate 2.045%) | £443.75 | £468.13 |
| Virgin Money credit card (www.virginmoney.com) | 2.99% | 3% (minimum £3) | 27.9% (monthly rate 2.0751%) | £443.92 | £468.48 |
*All cash withdrawal interest rates are charged from moment of withdrawal.
**Assuming the underlying Visa/MasterCard exchange rate is £1 = €1.16 and you repay your balance in full after one month (30 days).