Travelling abroad Christmas? Check your credit card FX rates

Sainsbury's Finance is warning people travelling abroad over the festive period to check carefully the foreign exchange rate on their credit cards before making any purchases overseas as many people might be paying more for goods than they realise.

The supermarket bank is advising travellers that there are a handful of credit card providers who have introduced their own exchange rates on overseas purchases.  These rates are not based on the standard Visa and MasterCard exchange rates that are used by the majority of providers, but are instead set by the bank and are often much less competitive than the Visa or MasterCard FX rates.

However, if holidaymakers want to be assured that they are getting the best value on purchases they make overseas, they should take out a credit card that offers no foreign exchange fees such as the Sainsbury's Gold Credit Card.

The Sainsbury's Gold Card was launched with a range of benefits designed for consumers using the card when travelling abroad or at home.  Not only does the credit card offer no foreign exchange transaction fees on purchases overseas, it also includes features such as family travel insurance, interest-free cash withdrawals (if the whole balance is paid off in full and on time each month) and no cash advance fees in the UK as well as abroad.  The card also offers a generous reward scheme that rewards Sainsbury's shoppers with double Nectar points on their shopping in store, online and in petrol filling stations.

Stuart McKeggie, Head of Sainsbury's Credit Cards said: "It's important card users understand exactly how their plastic works for them especially when it comes to rates and fees. Finding out that you've paid more than you expected is never a nice feeling particularly on a well-budgeted break. If travellers choose the right credit card, such as our Sainsbury's Gold Card, they won't pay foreign exchange or cash advance fees and will benefit from competitive FX rates."

All Sainsbury's Credit Cards use the standard MasterCard exchange rates, which are close to the wholesale market rates and are published on their website.

To find out more about the Sainsbury's Gold Card log onto sainsburysfinance.co.uk.