Holiday Spending as High as Ever, say Co-operative Insurance

Top Quote With rising inflation rates many are looking for newways to save money. This however does not seem to have taken effect with manys holiday expenditures. End Quote
  • (1888PressRelease) September 10, 2008 - At the beginning of the school 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 people are worried about rising inflation rates (53%), they will not be curbing their holiday outgoings this year.

    Most start spending as soon as they arrive at the airport. On average people spend £18 each before before boarding their flight, which equates to £72 for a average family. The majority outlay this on food and drink (84%), next comes books and magazines (60%,), third was duty free (35%), fourth last minute essentials (17%) and last was currency exchange (4%).

    Furthermore, the research also shows that this year over three quarters of people (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.

    What's more the card provides holders with access to a wide range 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 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".

    More 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.

    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 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

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