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Mastercard and Visa agree to cut overseas card fees

April 30, 2019 5:11 am

Mastercard and Visa have both agreed to cut their fees for tourists using their cards in the EU, after a long-running battle with the European Commission.

The credit card firms will now charge retailers around 40% less on non-EU credit and debit cards payments.

The European Commission said the deal would lead to “lower prices for European retailers to do business”.

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Ultimately, the commission said this should lead to lower prices for tourists to the European Union.

The European Commission, which has waged a decades-long crackdown on payment and credit card fees, believes that so-called interchange fees – which the credit card firms charge businesses for accepting payments from consumers – result in higher prices.

According to the terms of the deal, Visa, the world’s largest payments network operator, and rival Mastercard, will charge a 0.2% fee on non-EU debit card payments carried out in shops and a 0.3% fee on credit card payments, the Commission said.

This would bring their fees in line with those charged for EU cards.

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