Flexible friend saves over 50s money on foreign exchange fees

Monday 25 November 2013

• Saga cardholders have saved an estimated £1.5 million in overseas credit card fees this year • Over 50s favourite holiday destinations this winter are Spain, Australia and USA

Flexible friend saves over 50s money on foreign exchange fees

Saga Platinum credit card customers made the most of their holiday this summer, as they saved an estimated £1.5 million in foreign exchange fees when using their Saga Platinum Credit Card this year*.

Far from cutting back, Saga customers have been enjoying their holidays this year, as there has been a 28% increase in the number of foreign transactions and a 33% increase in the amount spent**.

Saga predicts that the over 50s could save even more on foreign exchange fees by the end of the year, as many are planning to jet off again before the year is out. The over 50s are hoping to top up their tan, celebrate Christmas with far flung family or pick up some bargains in New York, as the most popular holiday destinations this winter are Spain, Australia and USA***.

Roger Ramsden, chief executive, Saga Services, commented: “The winter is a great time for over 50s to travel and they can make their money go further by picking the right credit card. Overseas charges could cost UK travellers millions each year and that money will be better spent buying that extra pressie on your winter break.”


Notes to Editors
•    *Saga Platinum credit card customers spent £56.6 million on non sterling transactions between January and September 2013. Which? says credit card users can expect a ‘foreign loading fee’ of up to 2.99%. £56.6 million X 2.99% equals £1,694,589.
•    **Based on Saga Platinum credit card customers foreign spend between January and September 2012 and January and September 2013.
•    ***Based on Saga Travel Insurance customers travelling between October 2013 and February 2014

Saga Platinum Credit Card
•    Applicants must be aged 50 or over    
•    Saga Platinum Credit Card offers Representative 11.9% APR variable  
•    0% Foreign Currency Fees are applied to transactions worldwide
•    0% on Purchases for the first 9 months*
•    0% on Balance Transfers for the first 9 months (3% fees applies)*

Representative Example: If you had a credit limit on your card of £1,200, you used your full limit to make a single card purchase immediately after receiving your card and you repaid in equal monthly payments over 12 months at an interest rate of 11.3% variable, (Representative 11.9% APR variable), the total amount you will pay back is £1,274.69.

*Introductory Rate charged for the first 9 months on purchases and Balance Transfers from the date the account is opened. At the end of this period the Introductory Rate reverts to the Standard Interest Rate applicable to the product at the time. A Balance Transfer fee of 3% applies.

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