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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 Planner
Jasmine Lambert

Jasmine is the Managing Director and a Chartered Senior Financial Planner at Redwood Financial. She helps clients manage and grow their wealth and protect their estate. Jasmine also provides expert advice in our FREE Redwood Webinars, where you can learn more about Wills, Trusts and Estate 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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