Excessive Credit Card Fees Banned in United Kingdom
Ever get tired of seeing countless fees on your credit card bills? Individually, these fees may not seem like that big of a deal. A couple dollars here, a few cents there. When you start to add them up though, they could be costing you hundreds of dollars a year.
In the United Kingdom, the government has launched a ban on excessive surcharges that is going to reduce these fees considerably. Consumers in the UK won’t have any more nasty surprises on their bills. The ban went into effect last Saturday.
Instead of allowing credit and debit card companies to charge whatever they want, the government is now making them charge only what an action truly costs. If it only takes $0.25 to process a payment, the credit card company can’t charge $2.00. This will save consumers from being blindly ripped off.
The new system will prevent retailers from making extra money unnecessarily, and it will help consumers see what they are actually paying for. Rather than trusting that your money is being used properly, consumers in the United Kingdom can rest assured that the government is checking every fee on your bill. The newly transparent system is sure to raise consumer confidence and lower credit card bills across the board, cutting into the pockets of formerly-greedy companies.
The ban was initiated by the consumer group, Which?, a company dedicated to ensuring that every consumer gets the best deal possible. Known mostly for its product testing work, Which? strives to keep the market fair and buyers well-informed. More than 50,000 people joined together to fight rip-off fees with the organization.