Credit and debit card surcharges to be banned

[RHB]

One of my pet hates is when I get charged a surcharge for paying for something by Credit or Debit card. So this latest gem was music to my ears.

http://www.bbc.co.uk/news/business-40648641

One short extract from the link made me really glad that we're leaving the EU (allegedly). We won't have to put up with any more of these directives.

It follows a directive from the European Union, which bans surcharges on Visa and Mastercard payments

 

[Yorkshire Blue]

I suspect it'll just be replaced with some sort of booking or admin fee covering all transactions rather than just card transactions.

 

[RobM]

Credit card I can understand as the credit card co. charge commission. But debit card?

 

[Beefy]

Credit card I can understand as the credit card co. charge commission. But debit card?

Companies have to pay to get those credit and debit card payments processed. If it is cardholder present then they need to pay for the terminal too and if it is online then they're paying for the payment gateway.

That said the charges that the likes of airlines put on is way disproportionate to the amount that it costs to process that transaction. It's just an extra revenue stream for Ryanair & Flybe.

 

[Billy Bests boot laces]

I'm sure this was initially announced 2-3 years ago, and was meant to be implemented within 18 months?. Oh well, better late than never!.