29 April 2005
A number of leading credit card suppliers operating in the UK have ignored requests from industry and consumers watchdogs and maintained their high charges for credit card use abroad.
Much has been written of late condemning these high excess credit card charges levied against consumers and calls have repeatedly been made to firms to cancel or at least reduce the rates.
But now Lloyds TSB has become the latest to preserve its charges and also announce a new flat-rate fee on top of the present currency and ATM charges.
These flat-rate fees are rapidly becoming common place and often charge consumers an extra pound every time they use their card.
A spokeswoman for Lloyds TSB attempted to justify the charge to the Times by saying: "The new transaction fee of £1 per purchase brings us into line with other banks."
Regardless, many credit card consumers are now facing up to £4.50 for withdrawals with the new charges included, on top of the commission for converting the foreign currency into sterling - typically 2.75 per cent of the purchase price - and fees for withdrawing cash from ATMs, which is usually a minimum of £1.50 although Lloyds TSB has raised this to £2.
Halifax Bank of Scotland (HBOS) and NatWest have also both introduced flat rate charges, of £1.50 and 75p respectively.
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