Consumers in 13 European Countries Reject EU-Proposed Cap on Bank Fees

A new poll finds that a majority (65%) of citizens across 13 European countries believe a new rule that would create an inflexible cap on interchange rates across bank cards in the EU, currently being considered by European policymakers, would make using credit, debit and pre-paid cards worse for consumers.

Further, eight in ten (82%) believe with the cap in place retailers will either increase their own profits and not lower prices for consumers or increase profits and increase prices.

Only 17% indicate it would be fair for the EU Parliament to determine the fees and decide who pays across the EU and 13% would think it fair for national governments to determine the fees and decide who pays.

The poll, conducted by global research company Ipsos on behalf of MasterCard Worldwide arrives as European policymakers consider new legislation that would involve inflexible interchange rates across Europe and rules that would change how credit cards are used by consumers and accepted by retailers.

The poll surveyed 13,049 respondents online in January 2014 in 13 countries: Croatia, Czech Republic, Finland, France, Germany, Great Britain, Italy, the Netherlands, Poland, Portugal, Slovakia, Spain and Sweden.

For a list of country specific reports, please click here.