3 ms·

What do other countries do?

toomuchtodo 7y ago
Regulate interchange fees (or use regulatory enforcement threats to obtain concessions from natural financial monopolies). https://ec.europa.eu/commission/presscorner/detail/en/IP_19_2311 https://ec.europa.eu/commission/presscorner/detail/en/IP_19_... Control-F "The Commitments" In the US, debit card fees are regulated (the Fed won it's case in 2015 at the Supreme Court regarding this), but not credit card interchange fees.
tick_tock_tick 7y ago
The same stuff
- Ninn 7y ago
  No, in the EU the user and retailer directly pay all fees, and the size of the fees and transparency is regulated.
  - supernova87a 7y ago
    Also, in most other countries, merchants are allowed to explicitly charge extra for paying by credit card.
    - pkaye 7y ago
      Merchants are allowed to charge a surcharge for credit card usage in the US.
      - oasisbob 7y ago
        IIRC, even now they're still not allowed under the network rules. A cash discount IS allowed. So, a $.10/gal cash discount for gas is OK. The register having a sign that says "we charge $.75 for card transactions under $30" is not. Not that you don't see that all the time... (It's been a while since I've drank the regulatory alphabet soup on this, could be mistaken. )
        pkaye 7y ago
        > Businesses are allowed to impose a surcharge on credit card purchases made on Visa and Mastercard, under a court settlement that took effect in January 2013. https://www.creditcards.com/credit-card-news/what-are-my-rights-avoid-surcharges.php https://www.creditcards.com/credit-card-news/what-are-my-rig...
  - ChrisLomont 7y ago
    I don't think this is true. I lived in the UK, and there were same costs for cash and card. EU laws have this statement: >Today’s ban means that it will be unlawful for retailers to charge additional fees when someone uses a particular credit or debit card, or other payment systems like PayPal, to make a purchase. This will ensure consumers can be confident that there won’t be any nasty surprises, and they won’t be penalised for wanting to pay in a particular way. https://www.gov.uk/government/news/card-surcharge-ban-means-no-more-nasty-surprises-for-shoppers https://www.gov.uk/government/news/card-surcharge-ban-means-...
Someone1234 7y ago
Cap fees or just have more competition in general (typically tied to smartphones).

Regulate interchange fees (or use regulatory enforcement threats to obtain concessions from natural financial monopolies). https://ec.europa.eu/commission/presscorner/detail/en/IP_19_2311 https://ec.europa.eu/commission/presscorner/detail/en/IP_19_... Control-F "The Commitments" In the US, debit card fees are regulated (the Fed won it's case in 2015 at the Supreme Court regarding this), but not credit card interchange fees.

tick_tock_tick 7y ago

The same stuff

Ninn 7y ago
No, in the EU the user and retailer directly pay all fees, and the size of the fees and transparency is regulated.
- supernova87a 7y ago
  Also, in most other countries, merchants are allowed to explicitly charge extra for paying by credit card.
  - pkaye 7y ago
    Merchants are allowed to charge a surcharge for credit card usage in the US.
    - oasisbob 7y ago
      IIRC, even now they're still not allowed under the network rules. A cash discount IS allowed. So, a $.10/gal cash discount for gas is OK. The register having a sign that says "we charge $.75 for card transactions under $30" is not. Not that you don't see that all the time... (It's been a while since I've drank the regulatory alphabet soup on this, could be mistaken. )
      - pkaye 7y ago
        > Businesses are allowed to impose a surcharge on credit card purchases made on Visa and Mastercard, under a court settlement that took effect in January 2013. https://www.creditcards.com/credit-card-news/what-are-my-rights-avoid-surcharges.php https://www.creditcards.com/credit-card-news/what-are-my-rig...
- ChrisLomont 7y ago
  I don't think this is true. I lived in the UK, and there were same costs for cash and card. EU laws have this statement: >Today’s ban means that it will be unlawful for retailers to charge additional fees when someone uses a particular credit or debit card, or other payment systems like PayPal, to make a purchase. This will ensure consumers can be confident that there won’t be any nasty surprises, and they won’t be penalised for wanting to pay in a particular way. https://www.gov.uk/government/news/card-surcharge-ban-means-no-more-nasty-surprises-for-shoppers https://www.gov.uk/government/news/card-surcharge-ban-means-...

Someone1234 7y ago

Cap fees or just have more competition in general (typically tied to smartphones).