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    • Stevobis
    • By Stevobis 18th Jun 17, 7:36 AM
    • 1Posts
    • 0Thanks
    Credit card interchange fees
    • #1
    • 18th Jun 17, 7:36 AM
    Credit card interchange fees 18th Jun 17 at 7:36 AM
    In 2015 the EU introduced a new law capping credit card transaction charges at 0.3%. I booked a cruise with P&O and they charged me 1.5%. I told them it was illegal but they said their website clearly stated the charges and it shouldn't be a surprise to me. After a few wasted phone calls to their customer services team, I've now written to their CEO.

    Any ideas how I can fight this. It's a small amount of cash but I'm annoyed that many companies are ignoring the law and ripping off consumers.

Page 1
    • zx81
    • By zx81 18th Jun 17, 8:16 AM
    • 12,031 Posts
    • 12,173 Thanks
    • #2
    • 18th Jun 17, 8:16 AM
    • #2
    • 18th Jun 17, 8:16 AM
    You're confusing the cap on interchange with the retailer costs.

    Interchange is only part of those costs. They can pass those on but not make a profit on them.
    • Sparx
    • By Sparx 18th Jun 17, 11:10 AM
    • 647 Posts
    • 363 Thanks
    • #3
    • 18th Jun 17, 11:10 AM
    • #3
    • 18th Jun 17, 11:10 AM
    The interchange cap applies to the payment providers/banks providing the service to retailers and business, not to the retailers or businesses themselves accepting payment.

    E.g. the likes of Worldpay (Natwest), Global Payments (HSBC), Barclaycard (Barclays) etc who provide card terminals or website payment gateways, charge businesses per transaction a set % or pence.

    However being charged 1.5% for a transaction that only cost the business 0.3% (you don't know this for sure) does break the Consumer Rights (Payment Surcharges) Regulations 2012 - which specifically states:

    A trader must not charge consumers, in respect of a given means of payment, fees that exceed the costs borne by the trader for the use of that means.
    by Consumer Rights (Payment Surcharges) Regulations 2012
    Last edited by Sparx; 18-06-2017 at 11:14 AM.
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