Credit card companies rip off consumers, says EU

CONSUMERS are being ripped off by credit card companies who are charging exorbitant fees for credit and debit cards, a European Commission report has found.

Competition Commissioner Neelie Kroes said the EU will take legal action against companies if it finds they have broken European rules. She singled out Visa and MasterCard as the main offenders.

Depending on where customers live, they could be paying twice as much as necessary in annual fees for a MasterCard or Visa credit card, with no apparent reason for the disparity.