The consumer association OCU has issued a warning to holidaymakers regarding the rising cost of financing summer trips. With the rising cost of living forcing more people to defer travel payments, the consumer group has analysed the financial impact of funding a 2,000 euro holiday over a 12-month period. The study highlights significant differences between personal loans, credit cards and interest schemes offered directly by travel agencies, with additional costs varying between 35 euro and over 240 euro.
According to OCU, personal loans are a reasonable option if a specific amount is required and repaid quickly. The lowest available annual equivalent rate (TAE) for a 2,000 euro loan is 5.75 per cent for new customers who deposit their salary with BBVA, rising to 6.80 per cent for those who do not. The most expensive bank option analysed was N26, which carries a TAE of 13.69 per cent.
Credit cards offer immediate payment, but the cost depends entirely on the chosen repayment method. Paying the full balance at the end of the month remains interest-free. However, opting for a revolving credit arrangement to defer payments over a longer period regularly attracts interest rates exceeding 20 per cent TAE. The OCU analysis found that Kutxabank’s Visa Dual offers the most competitive rate at 4.29 per cent TAE, resulting in a total interest cost of 45 euro over a year. Conversely, the WiZink Click card proved to be the most expensive option at 23.85 per cent TAE, adding an extra 241.42 euro to the cost of the holiday.
Financing a trip directly through a travel agency provides a convenient single transaction but is rarely the most economical choice. Among the agencies reviewed, Halcón Viajes offered the lowest interest option with a TAE of 15.39 per cent, which adds 160 euro to a 2,000 euro trip, while Viajes Carrefour was the most expensive at 19.56 per cent TAE, adding 200 euro. Although online platforms like Klarna, Scalapay, Sequra and PayPal offer specific interest-free deferments at 0 per cent TAE for short periods, the platform Aplazame, utilised by Viajo por la Patilla, reached a maximum TAE of 23.85 per cent.
To avoid excessive debt, OCU recommends calculating the exact amount needed before borrowing and comparing total financing costs rather than focusing solely on monthly instalments. The group advises travellers to prioritises interest-free three-instalment options, defer only what is absolutely necessary, and clear the debt as quickly as possible.
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