UK member reminder and advice on credit and debit card fees being dropped from 13 January 2018.
As we welcome the New Year it is worth remembering that from 13 January 2018 onwards consumers will no longer be subject to surcharges when using their debit or credit cards to buy goods or services. These are being abolished following the implementation of the revised EU Payment Service Directive II, which will remain applicable post Brexit as it is to be transposed into UK law.
However, while this might appear to be a victory for consumers, it's not all good news. Consumers may still end up bearing the cost of debit and credit card transactions, because:
Businesses choosing to pass on the costs to their customers i.e. by increasing their selling prices, will need to carefully consider such increases as if the majority of their customer base pays in cash this might negatively impact their sales figures and might even cause reputational damage.
Find out more in the following links: