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BRC calls for credit card changes

The British Retail Consortium (RBC) is lobbying for a change in the way credit cards are charged.

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24 March 2009

BRC calls for credit card changes”

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The organisation wants the current ad valorem (percentage) fee on transactions to be replaced by a fixed charge that is not adjusted to reflect the size of consumers' bills.

In a press release the RBC insisted variation was unnecessary, explaining: "It costs no more to process a high-value transaction than a small one."

The consortium added that the fixed fee should reflect the "highly competitive" retail industry by being as small as possible.

It said: "There should be a lower fixed fee per transaction which actually reflects the true cost of processing."

Credit card providers have also come under pressure from Nationwide Building Society recently.

It wants UK card companies to adopt a new American law forcing them to use payments to cover higher-rate balances first rather than the current trend for cheaper debts.

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