Calls to be open about 'hidden' credit card fees
Charges from foreign processors result in higher-than-expected bills
Published on Jun 27, 2014 9:56 AM
THE "hidden" fees that can be slapped on to a credit card trans- action have angered consumers and sparked calls for more transparency.
Many of these fees are imposed when payments are routed through overseas processors, leaving the card holder with a higher bill than he bargained for.
Oil analyst Tushar Tarun Bansal found such discrepancies in his credit card bills for a couple of transactions with the amount owing higher than what he originally signed for.
One instance was when he bought a ticket from Swiss Airlines from Singapore to London and chose to pay in Singapore dollars. The credit card bill was $87 above the initial amount.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here
UNFAIR FOR CONSUMERS
It's effectively a one-sided thing, that is, putting the onus on the consumer but no talk about what the banks should or can do. It isn't very fair.
- Mr Tushar Tarun Bansal, who found discrepancies in his credit card bills for a couple of transactions with the amount owing higher than what he originally signed for