Many people aren't saving on holiday costs this year

Released on: September 4, 2008, 11:55 am

Press Release Author: Co-operative Financial Services

Industry: Financial

Press Release Summary: With a recession looming many are watching the pennies. Research shows this doesn't seem to be the case with holidays this year.

Press Release Body: At the start of the school holidays, as most start there travels abroad, new research* by The Co-operative Bank Credit Cards has shown that even though most are worried over rising inflation the majority of people (53%) will not be watching the pennies on their holiday expenditure this year.

Many spend before reaching there destination, where on average people spend £18 each before even boarding their flight, which equates to £72 for a average family. Most people spend this on food and drink (84%), after this came books and magazines (60%,), 3rd was duty free (35%), 4th last minute essential’s (17%) and last was currency exchange (4%).

In addition the research also embolds that this year more than three quarters of people (77%) are planning to pay for a period of their summer break on their credit card.

Maxine Xodo, Product Manager for Credit Cards at The Co-operative Bank says, "The findings clearly show that despite the current economic climate, after working hard all year many people are reluctant to cut back on their summer holiday spending. However as more people are putting holiday spending on their credit cards, it pays to make sure they are getting the best deal for their needs."

The Co-operative Bank offers a fixed rate platinum card, with a low fixed rate of 9.9% APR typical variable for the first five years.

In addition to this the card provides everyone with access to a large amount of travel benefits this includes up to £100,000 free travel accident insurance when the card is used to pay for travel tickets, 24 hour medical and legal assistance overseas, as well as money off on holidays, travel, airport parking, airport hotels and car hire.

Maxine Xodo, adds, “When travelling either home or away this summer, this card offers customers a wide range of market leading travel benefits, with no annual fee to pay as well as peace of mind that the low rate they sign up to will remain fixed for five years."

Full details of the card are as follows

- A low fixed rate of 9.9% APR (typical variable) for the first 5 years
- Up to 46 days interest free credit
- Free 90 days purchase protection insurance
- Card replacement service and emergency cash
- 24 hour medical and legal assistance overseas
- No annual fee
- Up to £100,000 free travel accident insurance, when the card is used to pay for travel tickets
- Travel benefits including discounts on holidays, travel, airport parking, airport hotels and car hire.

ENDS

Notes to Editors:

For media purposes only

*Research carried out in June 2008, amongst a panel of 1,000 Co-operative Financial Services customers

Customers wanting further information should call 0800 731 9474

The platinum credit card is available at
www.co-operativebank.co.uk/servlet/Satellite/1193206374589,CFSweb/Page/Bank-CreditCards they are available to people over the age of 25, with an income of over £25,000.

Full product details are as follows:

- 9.9% APR (typical variable) for the first five years
- 9.9% Purchases
- 9.9% Cash
- 9.9% Cheques
- 9.9% Balance transfers (excludes balance transfers from other Co-operative Bank credit cards)
- Up to 46 days interest free period if balance is paid in full by the due date (purchases & balance transfers)
- Minimum repayment 2% of outstanding balance or £5 (whichever is greater)
- Minimum credit limit of £500, maximum credit limit subject to status
- No annual fee

Web Site:
www.co-operativebank.co.uk/servlet/Satellite/1193206374589,CFSweb/Page/Bank-CreditCards

Contact Details: Catherine Turner
The Co-operative Bank - personal
Customer Services
PO Box 200
Delf House
Southway
Skelmersdale
WN8 6GH
0161 903 3833
catherine.turner@cfs.coop