MasterCard has said that it has now agreed to halve the fees charged for transactions, but that this was only a temporary measure pending a court appeal. Xavier Durieu, secretary general of retailer lobby EuroCommerce, said: “This temporary settlement sends an extremely negative message to everyone in Europe. This decision is appalling and we count on the Commission to win the court appeal.”

Retailers have been outraged by these fees, and according to reports have claimed that domestic and cross border payment card transaction fees in Europe are amounting to around £11 billion a year. EU Competition Commissioner Neelie Kroes said: “These fees are simply a hidden source of revenue for banks. MasterCard could not justify their level.”

MasterCard officials have said that the agreement to cut the fees on a temporary basis meant that the network could not invest in new products for consumers and retailers and could not sustain string competition within the payments industry in Europe. MasterCard Europe’s president, Javier Perez, said: “That is why these rates are only interim, and why we are pursuing our appeal in the European Court of First Instance.”

Neelie Kroes stated: “We will be monitoring implementation closely in coming months.” She added: “I have no intention that today’s announcement will allow Visa to benefit at the expense of MasterCard.”

Case Against MasterCard Dropped By European Union is a post from: Credit Cards Bureau

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Whilst using debit cards is largely free in the UK for UK consumers the story is quite a different one abroad, and many people fail to realise this. The hefty charges that can be applied for debit card transactions whilst abroad can quickly add up, and the cardholder may suddenly find that if they have been using the card on a regular basis they owe a small fortune in fees. Using credit cards abroad is also costly due to various fees and charges that are applied, and again customers can come back to a nasty shock when their credit card statement arrives.

Fees for over the counter transactions as well as currency conversion fees can all add up, but many consumers take their cards with them and use them on a daily basis without realising how much they could be clocking up in charges. One consumer said: “I went abroad and thought that I would be fine to use my debit card whilst I was over there. However, I was shocked when I saw my bank statement and realised how much I had been charged in fees and charges. Never again!”

Consumers are now being urged only to use their cards if they really need to and to consider another form of currently such as traveller’s cheques. For those planning to take their cards abroad it is advisable to contact the lender or bank and find out just what your charges are so that there are no really nasty shocks.

Customers Warned About Using Credit And Debit Cards Abroad Over Easter Break is a post from: Credit Cards Bureau

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