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Credit & debit card charges to be abolished

Thursday, 20th July 2017

From 13th January 2018, consumers will no longer be charged 1-3% on top of purchases when using a debit or credit card. The EU directive comes after consumers spent £473 alone on such charges back in 2010. The UK government has gone one step further and will also ban charges on American Express and PayPal.

Worst offenders

According to the website Money Saving Expert, right now, cardholders are often charged fees of around 2%, but they can also be charged a flat fee regardless of how much they are spending such as on a car or wedding. Here are a few examples of some surcharges they found:

  •     Driver and Vehicle Licensing Agency (DVLA) - £2.50 credit card fee on all transactions
  •     Council tax - 2.5% credit card fee for Ealing Council
  •     Flights - Flybe charges 3% on credit card and PayPal transactions
  •     Packaged holidays - Thomas Cook has a 2% credit card fee
  •     Paid-for TV - Sky charges a 30p/mth fee on recurring credit card payments

Although many campaigners have welcomed the move many businesses say they will just have to increase the initial cost to cover the rent of terminals, PCI compliance as well as the deductions banks take on money transfers.

You can read the full news article on the Money Saving Expert website here

 

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