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Credit Card fees and new EU regulations

  • 16-06-2014 02:41PM
    #1
    craoltoir
    Registered Users, Registered Users 2 Posts: 781 ✭✭✭


    Do the new rules regarding credit card fees mean that consumers should see these charges being reduced or removed?
    Traders will not be able to charge consumers more for paying by credit card (or other means of payment) than what it actually costs the trader to offer such means of payment. Traders who operate telephone hotlines allowing the consumer to contact them in relation to the contract will not be able to charge more than the basic telephone rate for the telephone calls.

    http://www.eccireland.ie/strengthened-eu-rights-for-consumers-becoming-a-reality-across-europe/


Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,567 CMod ✭✭✭✭Nody


    The cost will simply be wrapped into the price for everyone instead and called "Customer Service Charge" or "Internet booking charge" or similar charged to everyone no matter their payment method.


  • #3
    skelligs
    Closed Accounts Posts: 196 ✭✭skelligs


    Its not that they are abolished, the fee must represent the actual cost.

    An online business will be charged between 1.2% and 2.5% of the sale value. However the charge is on the total price includng vat and as the revenue obviously won't contribute to the cost, the real fee is 1.5% to about 3%.

    What you will see is an ending of a fixed fee and a percentage will be charged by those who seperate the charges. The balance will be made up by increasing some other charge.


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