BANKS  $50MILLION  HOLIDAY

WHY YOUR HARD EARNED OVER SEA'S HOLIDAY THEIR FREE JACKPOT?

Australian's are being stung around $50Million in fee's and extra charges each year , when using their credit cards while holidaying outside Australia .Most families would not be aware of these added charges until they receive statements, this can make a huge difference to holiday budgeting especially those average workers with a mortgage . The fee's charged are for currency conversions, which have a double dip interest effect on purchases off shore while holidaying , Also a  tourist  uses a credit card to withdraw $500 and buys items to the value of $1500 over a 14 day period , may end up paying as much as $70 in fee's for the privilege or about 2.5% of the amount. Cash advances on credit cards generally accrues  interest for day one on the total outstanding balance on credit. According to the Australian Bankers Association card fee's can even be higher with other credit institutions . The question that should be asked of these corporate greedies, is what are the real transaction costs to the Banks . Australian Consumers Association Senior adviser Nick Coates Warned consumers to be fully aware of added charges that may be applied by your financial institution. Make sure you ask them to explain clearly what charges apply and options available, before using credit. Consumer groups are angry that these charges do not reflect the true administrative costs of transaction to the Bank.