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By Julia Kukiewicz Staff Writer
Friday, 18 July 2008
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Money News Roundup
If you only do one thing with your money this week...
Why not compare credit cards for traveling with?
Compare credit cards to find the one with the best rate and the best holiday extras to stay ahead.
Save with the Post Office credit card – which has no foreign exchange fee - or try a Barclaycard Flexi-rate credit card which offers discounts and special offers with Thomas Cook, Avis, Hilton, Emirates and Center Parcs.
You can compare credit cards for travel here:
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (11 Jul 08)
Julia Kukiewicz's glance back at this week's personal finance news as well as why you should compare credit cards for interest free purchases.
Money News Roundup (04 Jul 08)
Julia Kukiewicz looks at the week's money news, including why you should compare credit cards offering cash back.
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A VERITABLE chamber of horrors in this week’s money news: bear markets, Spanish ATM machines and costly current accounts.
Also, how to compare credit cards for travel.
The Bears and the Bulls
ARE we in a bear market?
Stock market analysts this week have claimed that – at least in Europe – markets are declining so much that it is bound to lead to the kind of freefalling market conditions that previously preceded financial disasters such as the Wall Street Crash.
Traders call this a bear market and its opposite – a long-term up-turn - a bull market.
Traders are easily influenced, it seems. As they adjust to the perceived downward-turning markets they exacerbate it: a self-fulfilling prophecy.
Of course, this could just be a start of a short bear market trend – a cuddly teddy rather than a man-eating monster – but just to be safe let’s all try to cheer up the nearest stock market trader.
Maybe with a cute, cuddly bull?
Just say no in Spain
OBVIOUSLY not all the time, that would be horribly confusing.
Just say no in Spain when you’re asked if you want to use dynamic currency conversion (DCC) and pay in sterling.
Figures from Nationwide building society show that the befuddling DCC system is costing Britons a staggering £5m a month.
At the moment DCC is usually used by shops and restaurants. This summer, though, it will also be a danger at ATM machines.
When asked if you want to make your ATM transaction in pounds press “no for EUR”, Nationwide warns, and avoid paying in pounds when using your card to pay for things – you’re just putting your money into the pockets of DCC.
 Do you want to compare credit cards to use abroad?
Are current accounts costly?
WE usually accept that we make far more money in interest from our current accounts than we lose in charges but a new report from the Office of Fair Trading claims that current accounts are actually rather costly.
Banks earned £152 per account in 2006 – the report found - more than they made from savings and credit cards combined.
81% of banks' income comes from charging customers: they make £2.6bn a year from charging those with insufficient funds in their accounts and £4.1bn in interest payments.
Although the British Bankers’ Association claims that more than 80% of people do not pay any fee for banking services charges affect more and more of us. 1.4m accounts pay over £500 a year in charges, and four million over £200.
Just 6% of us switched current accounts in the last 12 months - hardly surprising given how stagnant the market is - but as long as we avoid thinking about the real cost of our accounts we allow the banks to avoid creating a competitive market.
It’s a catch 22: no switching without good deals and no good deals without switching.
Do you want to compare current accounts?
And Finally, if you only do one thing this week...
AND finally, if you only do one thing this financial week why not compare credit cards for traveling with.
A lot of things – that electric blue bikini, that guy – tend to look a lot better in the sun but there’s no reason why your bank statement shouldn’t retain that holiday gleam.
Compare credit cards to find the one with the best rate and the best holiday extras to stay ahead.
Save with the Post Office credit card (you can apply for it here) – which has no foreign exchange fee - or try a Barclaycard Flexi-rate card (you can apply for it here) which offers discounts and special offers with Thomas Cook, Avis, Hilton, Emirates and Center Parcs.
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