Post Office cuts credit charges abroad

MONDAY, OCTOBER 02, 2006

The Post Office has made commission-free credit available for those using its credit card overseas.

Consumers who use a Post Office credit card can now enjoy credit overseas with absolutely no strings attached.

The Post Office announced today that they have lifted all charges for using their credit card beyond the UK's borders.

It has become normal for many credit cards to charge hidden fees and large interest for any credit transactions being carried out overseas.

Additionally, the Post Office has also extended its interest-free period for balance-transfers from six to eight months.

Gary Fitton, Head of Post Office Credit Card, said: "Most credit cards charge 2.75 per cent on every transaction made overseas.

"People become frustrated when they see it is costing them more to use their credit card abroad. We have listened to this and we have acted – now our customers have got one of the best deals going."

As the UK's largest provider of foreign currency, the Post Office currently offers a zero per cent commission 78 currencies.

Spain still remains Britons holiday destination of choice, according to the Office of National Statistics (ONS).

The number of visits abroad made by residents of the UK has tripled in the last 20 years, according to ONS data and two thirds of visits abroad were for holidays.