Mastercard, Visa agree to cut overseas card fees
The credit card companies will now charge retailers around 40% less on non-EU credit and debit cards payments. According to the European Commission, the deal would lead to lower prices for European retailers as well as for tourists to the European Union.
According to the terms of the deal, Visa and Mastercard will charge a 0.2% fee on non-EU debit card payments carried out in shops and a 0.3% fee on credit card payments, the Commission said. This would bring their fees in line with those charged for EU cards.
The newly agreed rates will come into force on 19 October 2019 and apply for five years. Ultimately, the hope is that the EU agreement will make it cheaper when a person uses their debit or credit card overseas.