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Despite new EU laws seeing additional charges on credit or debit cards banned when paying in store or online, 14% have still been charged extra fees since 13 January, Consumer Intelligence reports. While retailers have called these fees differently, the end result is still the same; you pay more than you should.
Whether a booking fee, transaction fee or administration charge, a lot of these extra costs may be just a card surcharge by another name. That's why you should watch out when you pay by card, especially with contactless making it easy to forget exactly how much you're spending.
If you don't pay attention, you might pay a booking fee for credit card use, as 21% of people have done. Or, you might be like the 13% who have been asked to pay a transaction fee, or the 13% who have had to pay an administration charge. You'd much rather be like the 60% who hadn't been charged for paying with plastic.
Mostafa Hussein, banking insight analyst at Consumer Intelligence, said: "The Government promised 'no more nasty surprises at the tills' but organisations are taking a variety of different approaches which may not have benefitted consumers.
"Some, such as HMRC, have stopped accepting credit cards, while others have changed the name of the charge and levied it on all customers, regardless of how they pay." Their survey further found that, understandably, 68% of consumers would prefer no fee at all. However, 20% said a fee of less than 1% on a transaction would be acceptable, while 8% would be willing to pay between 1% and 3%.
If you're not going to accept a charge for using your credit card, you shouldn't accept having to pay too much to have a credit card. Consider looking at our credit card charts to see if you can find one with low or no fees and/or 0% interest to suit your purposes.
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