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MSE News: Government confirms card charges shake-up, but does it spell the end...
Former_MSE_Helen
Posts: 2,382 Forumite
The Government has today confirmed plans to cap the fees card firms charge retailers to process transactions...
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Government confirms card charges shake-up, but does it spell the end for credit card deals?
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Government confirms card charges shake-up, but does it spell the end for credit card deals?
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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And does it also spell the end of the 3% credit-card surcharge imposed by some retailers?. . . does it spell the end for credit card deals?
Warning: In the kingdom of the blind, the one-eyed man is king.
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Consumerist wrote: »And does it also spell the end of the 3% credit-card surcharge imposed by some retailers?
This could be interesting if say online retailers move their card payments outside the EU - to try and get round this?
My suspicion is that prices will inch upwards to take into account card processing fees.0 -
Isn't this the same news as we heard a few months ago?0
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But if retailers are being charged less by the card companies, why should prices to consumers increase?jonesMUFCforever wrote: ». . . My suspicion is that prices will inch upwards to take into account card processing fees.Warning: In the kingdom of the blind, the one-eyed man is king.
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With so many consumers paying by credit & debit cards nowadays, will the cap on charges the retailer pays for such transactions result in lower overall prices?
Or will the retailers just be trousering the effect of these lower transaction costs for themselves?0 -
Oh well, make hay while the sun shines.
Santander 123 credit card has a 7% cashback one off Retailer Offer with Sainsburys. Got a Sainsburys Spend £15 get £2.25 discount coupon for filling up, combine to get a ~20% off. The 5% TSB Contactless card is getting neglected in comparison.
Will I look back and cry in a year's time: for once there was a shining moment called Camelot.0 -
No, this is the UK government implementation of the EU directive that was announced some months ago.Isn't this the same news as we heard a few months ago?
This is confirmation that that changes will take affect in the UK, what they will be and when. So we will probably now see all the other card companies that had been waiting to see what actually happens announcing that they are cutting their cashback rates.0 -
Biscuit_Tin wrote: »With so many consumers paying by credit & debit cards nowadays, will the cap on charges the retailer pays for such transactions result in lower overall prices?
Or will the retailers just be trousering the effect of these lower transaction costs for themselves?
Of course not, all those prices of 9.99, 3 for £10 etc will suddenly become 9.94 and 3 for 9.95 etc......
Why are shops willing to pay inerchange fees rather than charge extra for card payments? Could it be because handling cash is even more expensive?
Rather than capping fees to handle what seems to be a natural monopoly wouldn't it make more sense to treat the market like BT splittign the infrastructure from the provision of service?I think....0 -
jonesMUFCforever wrote: »This could be interesting if say online retailers move their card payments outside the EU - to try and get round this?
I suspect this could well be the case for many card companies/banks.
Amex for one already process customer data outside the EU (in the US) and mention this in their terms, so I wonder if transactional data could be processed abroad as well...0 -
Doesn't seem to be affecting the 0% purchase and BT cards, which are far more lucrative than the cashback cards anyway. The 0% offers are still getting longer!0
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