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Credit Card Applications » News » Other » Credit Card Cautions at the FIFA

Credit Card Cautions at the FIFA

July 28, 2010 | Updated on July 28, 2010
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The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

The 19th FIFA World Cup 2010, the world`s chief and largest football tournament, is expected to attract not only sports fans but shopping enthusiasts as well. However, initial warnings on credit card expenditures have been advised to the millions of people who will be flocking to South Africa.

The United Kingdom has estimated that the prestigious tournament will bring in 135 million English credit card holders to the event. Since the South African policy allows only £450 of cash expenditure, an average English citizen is forced to use his debit or credit card unaware of the added foreign exchange rates that come along with it. An estimated amount of £2,700 is likely to be spent by each English citizen in the course of the month-long tournament.

Meanwhile, Spanish football aficionados are also advised by the Spanish Bank Santander, Spain's most important private bank and its network of branches, that they should keep an eye on their credit card usage. Bank Santander conducted a study indicating that a simple visit to the Automatic teller Machine (ATM) will cost 2.75 percent foreign exchange fee and 1.5 percent in cash withdrawal fees which sums up to 4.25 percent of added charges. Bank Santader further explained that the said charges usually leave the consumers unaware of it and will only be taken into account once statement of accounts has been issued.

This case holds true not only to foreign visitors but to South Africans as well. The credit card rules have been imposed to all users and are expected to give a large blow on the unwarranted credit card charges. Cardholders are still advised to try out all the other available cards that will give them the least additional fee without having to sacrifice the convenient access to purchasing. Credit card applicants are also cautioned to seek for the company that will give them enough protection from the unnecessary excess fees. However, instead of paying for these fees, the best advice still to get away from the additional charges is to use currency when paying for your purchases.

South Africa`s tourism and economy is expected to take a rise this year with the flock of foreign spectators. Establishments, meanwhile, will take profit of this sales boom brought about by the build-up of the said event which ends in July. Credit card users must not forget to take into account the extra fees they pay for, which are neglected most of the time.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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