10 Jan 2018 | Category: Partner News

Credit card surcharges end this weekend

Customers cannot be surcharged for using credit cards after Friday, but prices could rise as a consequence.

Under the EU Payment Services Directive (PSD2), which comes into force on 13 January, organisations that previously imposed fees for using credit cards will have to absorb the cost or find alternative ways to recover their fees.

Her Majesty’s Revenue and Customs has reportedly said it will stop accepting credit card payments but will continue to allow people to pay by debit card, while the Driver and Vehicle Licensing Agency is on record as saying it will no longer add the surcharge.

The EU directive – essentially a minimum standard to be applied across all member states – bans surcharges on Visa and Mastercard payments. But the UK Government extended the ban to include American Express and Paypal.

The change, which was announced in July, will affect all firms that provide payment services, including banks and building societies, payment institutions, emoney institutions and their customers.

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For more information, please contact: admin@llep.org.uk

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