MSE News: Government confirms card charges shake-up, but does it spell the end...

andyfromotley

Herbalus wrote: »

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!

I guess this is because the real money in these deals come at the end of the deals and people forget to, or are unable to, switch again. Its a long game to pay, but money for these lenders is really cheap at the moment so hopefully it will continue.

redux

Kim_13 wrote: »

Isn't this the same news as we heard a few months ago?

As someone points out above, it's the UK government implementing an EU decision.

However I do find the article title somewhat superfluous, given that we already know the answer to the rhetorical question, some of the decent cashback deals already ending some months ago.

Kim_13

redux wrote: »

As someone points out above, it's the UK government implementing an EU decision.

However I do find the article title somewhat superfluous, given that we already know the answer to the rhetorical question, some of the decent cashback deals already ending some months ago.

Unless I've misunderstood, I also find it unnecessary. It's not like there was any doubt that the UK government would implement it from that date. They have no choice but to ask how high when the EU says jump.

redux

Kim_13 wrote: »

Unless I've misunderstood, I also find it unnecessary. It's not like there was any doubt that the UK government would implement it from that date. They have no choice but to ask how high when the EU says jump.

The UK would have been party to making the decision.

Those people who want us to leave the EU can hardly base their reasoning on wanting to make our banking system more unfair.

Instead one of the two rival campaigns to leave the EU was whining about why can't the UK be part of the new trans Pacific trade agreement signed the other day, and waffling about Pitcairn Island, which has 56 inhabitants. About as mind-numbingly and irrelevantly abstruse as it is possible to be.

Kim_13

Today, I noticed that my local Savers had imposed a £2 minimum for card payments (previously no minimum.) Didn't make a difference to me as I was spending more than £2 but it does seem that they're heading in the wrong direction when this stupid cap is coming and destroying cashback cards

jonesMUFCforever

I think I have seen the future today - went for a little shopping spree this morning - a lot of shops (independants) had signs in them that a minimum spend had to be done before they would take a card - one was £45!!
These changes will not always be in the shoppers' favour.

reclusive46

£45 is a stupid minimum policy and I have no doubt, they've just lost 20% of their customers.

Minimums make less sense with the new interchange policies. Even debit cards are percentage based now.

boo_star

jonesMUFCforever wrote: »

I think I have seen the future today - went for a little shopping spree this morning - a lot of shops (independants) had signs in them that a minimum spend had to be done before they would take a card - one was £45!!
These changes will not always be in the shoppers' favour.

It'll probably cost them more in bank fees, cash handing/security and customers to take cash than the changes to fees.

Debit cards were usually flat-rate, with credit cards being percentage based. Now they both are, but at a much lower percentage than current credit card rates, I don't see the logic.

zagfles

jonesMUFCforever wrote: »

I think I have seen the future today - went for a little shopping spree this morning - a lot of shops (independants) had signs in them that a minimum spend had to be done before they would take a card - one was £45!!
These changes will not always be in the shoppers' favour.

How can that have anything to do with the changes? How would capping the charge to retailers at 0.3% result in retailers not taking card payments below £45 :rotfl:

The-Truth

Consumerist wrote: »

And does it also spell the end of the 3% credit-card surcharge imposed by some retailers?

And how many retailers is that then? I've never been charged 3% for shopping. Or is yours just an anti business/retailer post? Which I strongly suspect it is.