From Saturday 13 January, shops wont ever be able to charge you a fee for using your debit and credit cards to pay for your things.
This news comes after the government announced they were implementing the ban last year.
So from tomorrow, you’ll be able to walk into shops, order takeaways, or anywhere that has an obligatory surcharge for card payments and not have that extra 50p or so added to your bill.
While it seems really small, if you imagine how often you use your cards – since no one ever really carries around cash anymore – especially since they’re contactless, this will actually save you a good bit of money in the long run. Think of it like this: if you used your card once every day for a month (think typically 31 days) and got a 50p charge for every use, you’ll save £15.50 by the end of the month!
However, this probably won’t be a win-win situation for us just yet, because chances are, if retailers and companies are missing out on those little extra pennies from us in the form of debit and credit card fees, they’re bound to make it up by hiking up the prices a bit.
Hannah Maundrell, Editor in Chief of money.co.uk told Metro Online that “the days of getting penalised with a fee for paying by credit or debit card will soon be over.
‘I’d expect some companies may increase prices to compensate for the loss of the surcharge, however this should be reflected in the upfront price of the goods to make it easier for us to make a direct comparison.
“Being stung at the end of a transaction with a service charge isn’t fair – businesses ought to be transparent about their pricing upfront.”
This is following direct instructions from the European Union, which has completely got rid of fees on Visa and Mastercard payments. But of course the UK went one step further and decided to not only ban fees on those cards, but also on all American Express and Paypal payments too.
If you’re planning on using your debit and credit cards this weekend, try and hold out until tomorrow’s surcharge ban is in place!