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bank Credit card fee to businesses cap could save £700m


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A cap on the fees that banks charge businesses to processlb_icon1.png credit card payments could save UK retailers up to £700m a year.

 

From December 9, the fees banks can charge will be capped at 0.3% for credit card transactions and at an average of 0.2% for domestic debit card transactions.

 

It's hoped that retailers will pass on the savings to consumers.

 

But a number of major credit card providers, have already scaled down cashback and loyalty point schemes, citing the forthcoming caps as the reason why.

 

http://www.belfasttelegraph.co.uk/business/news/credit-card-fee-caps-could-save-700m-31594631.html

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