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Government plans consultation on credit card charges

The government is considering clamping down on excessive credit card charges.

Consumer affairs minister Norman Lamb made the announcement, arguing that people ought to be able to pay for goods and services without having to deal with these bank charges.

He announced that he plans to hold a public consultation into the issue that will investigate limiting the fees consumers can be charged by traders due to the payment method they use.

This should mean companies can no longer profit by enforcing credit card charges that go beyond the cost of processing a transaction.

Mr Lamb said the policy forms part of a "wider strategy" that will modernise, strengthen and simplify competition and consumer frameworks.

"This government is committed to delivering growth and increasing consumer confidence will help markets work at their best," he argued.

Previously, the coalition sought to curtail the practice of excessive surcharges when buying items or services and the current consultation should complement this move.

At that time, financial secretary to the treasury Mark Hoben argued that consumers should not be hit by "a hidden last minute payment surcharge".

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801449449-ADNFCR

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