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Mastercard increases card fees five-fold for UK shoppers buying from EU companies

Chair of the all-party parliamentary group on Fair Business Banking, Kevin Hollinrake, said the change was alarming Mastercard has been accused of opportunism and greed for increasing fees for British shoppers using debit or credit cards to buy from EU-based companies five-fold.   Visa and Mastercard levy interchange fees on behalf of banks for card payments that used their networks.  The European Union brought in a cap in 2015 amid fears over hidden fees costing companies hundreds of millions of euros, meaning higher prices for consumers. Mastercard has now revealed that the cap does not apply to some transactions following Brexit, as payments between Britain and the European Economic Area are now technically inter-regional , the FT reports. 

Brexit news: Mastercard to increase fees for UK purchases from EU | City & Business | Finance

| UPDATED: 14:28, Mon, Jan 25, 2021 Link copied Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. The credit card giant levies an interchange fee on behalf of banks for every payment that uses its network. Payments to hotels, airlines, car rentals and holiday companies from UK-based customers will be affected. The move sparked alarm among firms that rely on online payments to keep business going.