Commission to propose EU-wide cap on credit card fees

The European Commission will today table a European-wide cap on credit and debit card fees.

Under the proposals the cap would see consumers pay between 0.2% 0.3% on any given transaction.

Currently fees on debit cards range from 0.1% in Denmark to 1.6% in Poland, while average credit card rates in Germany stand at 1.8%, compared to 0.5% in France.

By standardising the rates across the board it is also hoped to make consumer payments using cards cheaper and more secure.

Speaking in Brussels this morning, EU Competition Commissioner Joaquin Almunia said despite immense resistance from certain corporations, this move will ultimately benefit the consumer.