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Brexit Adds $200 Million in Annual Card Fees to Retailers’ Bills

  • U.K.-EEA payments are no longer considered intra-regional
  • Study shows some card firms more than quintupled their fees

New rules after Brexit have increased credit and debit card costs by 150 million pounds ($200 million) a year, with both U.K. and European retailers losing out.

Britain’s departure from the European Union removed caps on transactions between the U.K. and the European Economic Area. That’s allowed card firms to increase cross-border payment fees, and some have more than quintupled, according to research by retail payments advisory firm CMS Payments Intelligence and the British Retail Consortium.