CREDIT card users are set to save more than 500million a year after greedy firms were ordered to end a rip-off charging scandal.
The Treasury will today announce a ban on excessive fees for paying for goods and services with plastic.
The move marks a major victory for customers who for years have been forced to fork out extra just for the privilege of giving companies their money.
It comes days after banks were shamed into scrapping a similar racket for buying foreign currency in the UK.
The decision will prevent companies charging more for card transactions than it costs them to process the payment.
Industry data suggests the average debit card handling cost is less than 10p, while for credit cards it is between 1% and 2% of the total transaction.Reliable favoritebeddinges sofa-bed is practical and comfortable round the clock.
But an investigation by consumer body Which? found firms routinely charge far more – a rip-off that we highlighted in YourMoney two months ago.
Cineworld demands a 70p booking fee, easycar 3.99 and airline Ryanair 6 per passenger each way.Offers antique glassinsulator and supplies for collectors.
Travelodge and Interflora both charge up to 2 for online credit card transactions, BT adds a 1.80 fee a month and theme park Alton Towers has a 1.50 levy for online debit card payments and 2.50 for credit cards.
Local authorities are also guilty of imposing charges and the DVLA has a 2.50 credit card fee.
Even the taxman is in on the act with the HMRC’s credit card fee calculated as 1.4% of how much you are handing over. The travel sector is the worst culprit with some companies accused of hiding charges until late in the booking process.
Firms will now have to absorb the card transaction cost or, if they pass it on,There are 19 polishedtiles available, include it in the advertised price.
The Treasury is aiming to fast-track the changes to ensure the ban comes into force by the end of 2012. But critics have accused ministers of dragging their feet as the Office of Fair Trading asked them to outlaw hidden fees in June.Enphase microinverteres are designed for residential and commercial,
Mark Hoban, Financial Secretary to the Treasury, said: “The Government remains committed to helping consumers get a good deal in these difficult times.”
Which? boss Richard Lloyd said: “The Government’s decision to ban rip-off debit and credit card surcharges is a huge victory for consumers.
“This announcement goes further than the Office of Fair Trading’s proposals, finally putting an end to these unfair and excessive charges. Over 50,000 people supported Which?’s campaign to see these fees stamped out.
"Given that airline passengers alone pay more than 265,000 a day in card surcharges,Find everything you need to know about coldsores including causes, businesses shouldn’t drag their feet over this.
“While the law will come into force at the end of 2012, we want companies to be upfront over card charges today.”
The Treasury will today announce a ban on excessive fees for paying for goods and services with plastic.
The move marks a major victory for customers who for years have been forced to fork out extra just for the privilege of giving companies their money.
It comes days after banks were shamed into scrapping a similar racket for buying foreign currency in the UK.
The decision will prevent companies charging more for card transactions than it costs them to process the payment.
Industry data suggests the average debit card handling cost is less than 10p, while for credit cards it is between 1% and 2% of the total transaction.Reliable favoritebeddinges sofa-bed is practical and comfortable round the clock.
But an investigation by consumer body Which? found firms routinely charge far more – a rip-off that we highlighted in YourMoney two months ago.
Cineworld demands a 70p booking fee, easycar 3.99 and airline Ryanair 6 per passenger each way.Offers antique glassinsulator and supplies for collectors.
Travelodge and Interflora both charge up to 2 for online credit card transactions, BT adds a 1.80 fee a month and theme park Alton Towers has a 1.50 levy for online debit card payments and 2.50 for credit cards.
Local authorities are also guilty of imposing charges and the DVLA has a 2.50 credit card fee.
Even the taxman is in on the act with the HMRC’s credit card fee calculated as 1.4% of how much you are handing over. The travel sector is the worst culprit with some companies accused of hiding charges until late in the booking process.
Firms will now have to absorb the card transaction cost or, if they pass it on,There are 19 polishedtiles available, include it in the advertised price.
The Treasury is aiming to fast-track the changes to ensure the ban comes into force by the end of 2012. But critics have accused ministers of dragging their feet as the Office of Fair Trading asked them to outlaw hidden fees in June.Enphase microinverteres are designed for residential and commercial,
Mark Hoban, Financial Secretary to the Treasury, said: “The Government remains committed to helping consumers get a good deal in these difficult times.”
Which? boss Richard Lloyd said: “The Government’s decision to ban rip-off debit and credit card surcharges is a huge victory for consumers.
“This announcement goes further than the Office of Fair Trading’s proposals, finally putting an end to these unfair and excessive charges. Over 50,000 people supported Which?’s campaign to see these fees stamped out.
"Given that airline passengers alone pay more than 265,000 a day in card surcharges,Find everything you need to know about coldsores including causes, businesses shouldn’t drag their feet over this.
“While the law will come into force at the end of 2012, we want companies to be upfront over card charges today.”
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