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7 benefits of recent analysis regarding credit and debit card charges





Here are benefits, tangible and intangible, of the recent super complaint on exorbitant fees.

09:56 18 April 2013

Categories : Investments


New rules for credit and debit card chargesare being analyzed by the Office of Fair Trading (OFC) and have led to some significant and positive changes in some internet establishments.

 

One of the main concerns was the travel industry which might sometimes have additional fuel surcharges or other fees that were not previously stated up front, and resulted in unhappy consumers who were surprised when checking out at the difference in quoted costs.

 

There have been a few benefits from the first phase of this plan to make credit and debit card charges more fair:

 

  • Increased awareness of unethical charge behaviour

 

  • Reputable online sites have changed advertised prices to include the fees

 

  • Recognition of the issues customers experience with exorbitant credit and debit card charges

 

  • Reconsideration of internet-based industries as a whole and what qualifies as an acceptable small fee.

 

  • Productive discussions about how to assist consumers without causing detrimental impacts to businesses

 

  • Attention on consumer plights and needs

 

  • Evaluation of online ethics pertaining to credit and debit card charges

 

There is bound to be additional discussion throughout the year as the OFT attempts to force immediate changes this month, and part of the struggle may be attempting to adequately identify applicable charges.

 

This can vary a great deal based upon the nature of a business, so the application of a percentage rate, or other formula, may not be sufficient to help curb the costs. At the moment the OFT has requested that the total charges on travel related sites reflect any type of applicable fees in the displayed price, but many travel companies still need to comply.

 

In addition to this obstacle, the OFT will need to determine the best way to enforce these changes and to fairly judge any complaints against companies who do not comply with the new credit and debit card charges threshold.

 
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