Banks Warned Over Credit Card charges
Shoppers could soon breathe a sigh of relief if banks stop the high fee they charge retailers for purchases made with Credit/debit Cards.
It’s reported that it costs high street retailers 2.1p when their customers cash whereas a Debit Card transaction costs 8.5p and a Credit Card 34p.
The Government has promised a shake up of these charges with retailers demanding a fairer system.
If Debit/Credit card charges were as low as the fee for cash transactions, shops could save up to £480m, which in turn could be passed on to consumers through lower shop prices.