Vast majority of us not cutting back on holiday spending
Despite the credit crunch looming many still have not cut back on holiday spending.
(PressMethod) - At the start of summer holidays, as many people begin their travels abroad to sunnier climes, new research* by The Co-operative Bank Credit Cards has shown that even though most are worried over rising inflation many people (53%) will not be watching the pennies on their holiday outgoings this year.
For most spending begins at the airport, where on average people spend £18 each before even stepping on the plane, which equates to £72 for a average family. Many people outlay this on food and drink (84%), next came books and magazines (60%,), 3rd was duty free (35%), 4th last minute essential's (17%) and last was currency exchange (4%).
Furthermore the research also embolds that this year more than three quarters of individuals (77%) are planning to pay for some 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.
Furthermore the card provides everyone with access to a wide range of travel benefits including 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 discounts 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 information 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
- Emergency cash and card replacement service
- 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 cards 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
CONTACT INFORMATION Catherine Turner Co-operative Financial Service Email Us 01619033833 http://www.co-operativebank.co.uk/servlet/Satellite/1193206374589,CFSweb/Page/Bank-CreditCards ### Disclaimer: If you have any questions regarding information in these press releases please contact the company listed in the press release. Please do not contact PressMethod. We will be unable to assist you with your inquiry. PressMethod disclaims any content contained in these release. |