Visa and Mastercard agree deal with EU to cut foreign card fees

https://www.ft.com/content/a2b9544a-6a73-11e9-a9a5-351eeaef6d84

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Non pay walled version:

TL;DR (as always at the bottom of the post)

According to the terms of the deal, Visa, the world’s largest payments network operator, and rival Mastercard, will charge a 0.2% fee on non-EU debit card payments carried out in shops and a 0.3% fee on credit card payments, the Commission said.

This would bring their fees in line with those charged for EU cards.

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I still believe we need to get rid of this trashy 0.2% cap :man_shrugging: prices never go down when this kind of cap comes into force. Much better to let them charge 3% so I can at least get some Avios from it :slight_smile:

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If they’re hit with a 3% charge, maybe prices will go up? In my last trip to Dubai, I booked a day trip to Abu Dhabi, they gave me a price, and when I gave them my card they said: “Ohh you pay by card, that will be 3% extra for card fees”. So less fees might be better? :smiley:

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It’s possible, but at least I’ll get some points back!

We have banned card fees. You would have the same price regardless, but yes businesses could put prices up.

But you would likely get fewer points back than you would save in actual money…

But point, points, points, it’s all about points.
Recchan is a pointaphile

On paper sure, but all that happened was a lot of places imposed a minimum spend, or put up all prices to account for the fee in the base cost.

I think card fees were actually fairer. No doubt it was pressure from visa and MasterCard that led to the ban