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Re: Amazon and Visa credit cards
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Originally Posted by ianch99
Think of it as a Brexit bonus!
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Quote:
Originally Posted by Chris
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https://www.standard.co.uk/business/...s-b966737.html
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The EU introduced regulation in 2015 that capped interchange fees in the bloc at 0.2% for debit card transactions and 0.3% for credit cards. The EU said at the time that the move would save consumers an estimated €6 billion in “hidden fees”.
Britain’s exit from the EU means operators were no longer bound by these rules. The Financial Times reported earlier this year that Visa planned to increase its cross border interchange fees from 0.3% to 1.5%.
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https://brc.org.uk/news/corporate-af...illion-a-year/
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With the UK exiting the EU, retailers are seeing that transactions between the EEA and the UK are no longer capped at the intra-regional rate, instead classed as inter-regional transactions. This has allowed major card brands to raise interchange fees on some online or “card not present” transactions by up to 475%. Furthermore, some card brands have increased their ‘interchange fee’ on all cross-border transactions between the UK and EEA.
Example changes to Interchange Fees from major Card Schemes
………………Previous……….Now……….Change
Credit Card….0.3%………1.5%……..+400%
Debit Card…..0.2%………1.15%……+475%
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