Older tourists offered chance to shrink bills by £100m

Monday, June 21st 2010

People over 50 could help to cut their credit card bills by a combined £100 million by switching to a card that offers no transaction fees when used abroad.

Research by Saga shows older travellers spent some £4 billion overseas last year, with typical transaction fees totalling 2.75 per cent.

That has led the financial organisation to provide a card with no transaction fees when used in countries other than the UK, as well as similar rules for all purchases made in the first nine months.

Its executive chairman Andrew Goodsell said: "For too long, credit card companies have been fleecing their customers who travel overseas."

Other benefits of the account, beyond shrinking credit card bills, include the ability to manage finances online and an internet fraud guarantee.

Alternatively, Britons could choose to try and save cash instead of rely on credit, with Halifax this week suggesting a period of economic trouble often results in UK households managing their cash more efficiently.