Monday, March 31, 2008

Credit card payment costs get lowered

From July 1 2008, the credit card transaction cost when shopping in Denmark will be lowered. Today the cost of a credit card transaction can be up to 5.75% of the purchase including VAT, after July 1 it will be a maximum of 3.75%. The price for using debet cards wil be a maximum of 0.3% of the purchase or a maximum of DKK 4 per transaction.

Danish shops and businesses have been somewhat reluctant to offer payment by credit cards till now because of the high transaction cost, and today about one in every three shops offers to take credit cards as payment. The lowered price is expected to bring this figure up to every two out of three shops.

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