Property News · June 17, 2018

End of the great card payment rip-off? No, it’s just a new one


Rules designed to protect the consumer from extra credit and debit card charges seem to have backfiredIt was meant to be the end of the rip-off that cost consumers hundreds of millions of pounds a year. In January, all extra charges for using a credit or debit card to pay for goods and services were banned to prevent nasty surprises at the checkout. However, five months on, increases in the cost of transactions by Visa and Mastercard mean consumers now face the prospect of paying more for goods and services.UK traders have to pay £1bn extra a year to Visa alone, after the US-owned giant doubled its fees for every card payment. This means smaller retailers are, in turn, being forced to increase their prices to cover the extra charges, thus undermining January’s surcharge ban. Continue reading…

Source : theguardian.com
Read more…End of the great card payment rip-off? No, it’s just a new one

You may also like...