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Visa and Mastercard accused of charging 'excessive' fees

Added 10-20-20 02:04:03am EST - “Retail groups say the fees charged by credit card firms have almost doubled in two years.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Visa and Mastercard accused of charging 'excessive' fees”. Below is an excerpt from the article.

Visa and Mastercard have been accused of cashing in during the coronavirus crisis by charging "excessive fees".

British retail groups say the scheme fees charged by payment firms have almost doubled in the last two years.

They warn that retailers will be forced to pass on the extra costs to consumers, with credit card bills rising by another £40 a year.

"It is vital that the government takes action to tackle excessive card costs," said the BRC's Andrew Cregan.

Mr Cregan, head of finance policy at the British Retail Consortium (BRC), told the BBC: "If a phone or energy company increased their fees by such an amount there would uproar.

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