New law puts up credit card costs for consumers in Spain

New law puts up credit card costs for consumers in Spain
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By h.b. - Oct 30, 2009 - 7:34 AM

Photo EFE

Shops will be able to pass on the commissions they are charged for credit card use to the consumers' bills

A new Payments Services Law was approved in the Spanish Congress on Thursday, which allows shopkeepers and restaurants to add the commissions they are charged by their banks for using credit cards to the client’s bill.

It means we could all find ourselves paying some 1% more.

Consumer associations have described it as a negative move and say they will be calling on users to stop using their credit cards. FACUA described the measure as ‘cowardly’.

Shopkeepers will be able to add the charges if they wish from January, and those who defend the measure say it is a warning to the banks not to continue to charge the current abusive and excessive commissions.

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