Uswitch comments on EU cap on card transaction fees

In response to the proposed EU cap on credit and debit card transaction fees, David Mann, Money Expert at Uswitch.com, says: “A cap on card fees should be great news for credit card users – if savings are passed on and retailers start to offer a greater choice of payment options.

“But, we haven’t seen such savings passed on in other countries that have introduced similar caps. Prices have remained the same and retailers have padded their bottom line with these savings – we can only hope that this time things will be different given the current squeeze on people’s pockets.

“However, we still may see the end of the era of free rewards credit cards, as well as credit card issuers introduce or increase fees for additional services and features. We will be watching closely for evidence of this happening if these new fee caps come into effect.”

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Katherine Moss

Phone: 020 3021 5893

Email: katherine.moss@uswitch.com

Twitter: @uswitchPR

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