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Banned Credit Card Charges Still Exist

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Levying charges on payments by credit card was banned in January 2018, although some retailers are still at it.

The charge for paying by credit card can be as little as 50p per transaction or can be a percentage of the transaction, which can increase the charge substantially. In some cases, to try to get around the ban, retailers and organisations are offering a ‘discount’ to those who choose to pay by means other than a credit card – effectively, in a roundabout way, charging more to those who use credit cards, but being sneaky about it.

The enforcement of these rules is unlikely to be a priority for Trading Standards as the pressure on them rises. The Treasury estimates that consumers spent £473m on card surcharges in 2010, so please watch out for this activity, make sure you report it, and make the retailer or organisation know that what they are doing is illegal. Most importantly, make sure you don’t get caught out by it!

Jasmine Lambert Chartered Financial Adviser in Southampton
Jasmine Lambert

Jasmine has been a qualified Financial Planner since 2008. She has also been a member of the Society of Will Writers since 2012. She is passionate about helping Clients build their wealth and achieve the financial lifestyle they desire. Her areas of expertise are that of Savings, Investments, Pensions and Retirement Planning.

Redwood Financial is one of the south’s leading Investments, Pensions, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning, Lasting Powers of Attorney, Probate, Pensions, Savings & Investments, we can advise on any situation.
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Please Note Office Closed

Our office will be closed all day on Thursday, 26th June, due to essential power supply maintenance being carried out by Scottish Power in the area.

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We’ll be back in the office as usual on Friday, 27th June.

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