Only Finance.com® - Credit card Visa defends its EU charges

Compare Credit Cards | Credit Card Providers | Credit Card Types

Credit Cards - Credit card Visa defends its EU charges - 02/04/2008

Visa has defended its cross border card transaction charges, saying that they are justified with regards to costs and benefits.

The remark came in response to the EU’s decision last week to start an investigation into the interchange fees made by the credit card company. Peter Alyiffe, Visa’s Europe president and CEO said that their charge of 0.7% on each transaction is justified because of costs. The company also said that the charge meant added bonuses for retailers and consumers alike, including extra security and a fast transaction process.

Visa said it had fully expected the investigation to happen. The fee was exempt from EU competition law for 5 years up to December last year and is now in talks with the Commission over a new deal.

Mr Alyiffe commented: “We believe a negotiated settlement is the right way forward. That is the view we are getting back from the Commission."

Related News

18/11/2008 - American citizens in credit card debt. It is not only property bills that Americans can no longer afford to pay....

17/11/2008 - Can you afford the turkey. All the great intentions of the countrys leaders in trying to stem the credit...

14/11/2008 - Parents to be “vigilant with their bank card details”. Parents are being urged to be vigilant with their bank card details after more...

Related Guides

Finding the best credit card. When it comes to choosing a credit card there seems to be a bewildering...

Quick Credit Card Guide. Were living in a cashless society, and instead of our purses and wallets being unburdened...

14/11/2008 - Bad debt bites banks. Banks and credit providers have been placed in between a rock and a hard...

06/11/2008 - Secret spenders. According to recent research conducted by a financial website, men were found to be...

02/11/2008 - Millionaire customers tempted with diamond credit card. While the credit crunch is biting globally and people everywhere are tightening their belts,...

Credit Card Guides

Finding the best credit card
Quick Credit Card Guide

Best Buy Credit Card

0% Balance Transfer	Buy Now
Cash Back Cards	Buy Now
Gold/Silver Cards	Buy Now
Platinum Cards	Buy Now

Credit Card News

18/11/2008 - American citizens in credit card debt. It is not only property bills that Americans can...

17/11/2008 - Can you afford the turkey. All the great intentions of the countrys leaders in...

14/11/2008 - Parents to be “vigilant with their bank card details”. Parents are being urged to be vigilant with their...

More News >>

Only Finance Ltd is authorised and regulated by the Financial Services Authority, FSA registration number: 466941. Our registered offices are 1 Kings Avenue, Winchmore Hill, London N21 3NA, company number: 05640662. Telephone 0207 377 1805.