{"id":142390,"date":"2023-12-13T11:40:23","date_gmt":"2023-12-13T11:40:23","guid":{"rendered":"https:\/\/magdelaine.net\/?p=142390"},"modified":"2023-12-13T11:40:23","modified_gmt":"2023-12-13T11:40:23","slug":"big-change-to-shopping-fees-for-millions-after-visa-and-mastercard-hike-rates-fivefold-what-it-means-for-you-the-sun","status":"publish","type":"post","link":"https:\/\/magdelaine.net\/lifestyle\/big-change-to-shopping-fees-for-millions-after-visa-and-mastercard-hike-rates-fivefold-what-it-means-for-you-the-sun\/","title":{"rendered":"Big change to shopping fees for millions after Visa and Mastercard hike rates FIVEFOLD – what it means for you | The Sun"},"content":{"rendered":"
A BIG change to both Visa and Mastercard fees could save shoppers money.<\/p>\n
The two payment processing businesses could soon face a cap on their cross-border interchange fees.<\/p>\n
<\/p>\n
It comes after Britain's payment watchdog raised concerns they have hiked charges to "an unduly high level".<\/p>\n
It comes after cross-border fees increased from 0.2% to 1.15% for debit cards and 0.3% to 1.5% for credit card transactions last year.<\/p>\n
On a credit card payment worth \u00a3100, the fee would rise from \u00a31.20 to \u00a31.50, while for debit cards it would go up from 20p to \u00a31.15.<\/p>\n
The fees are charged to retailers but many fear they will be passed onto shoppers.<\/p>\n