Switzerland. The costs of credit cards increased. Some transactions are more expensive, especially abroad. Better to be aware of before approaching the holidays.
The costs of credit cards increased
The holidays will cost more or less, depending on the chosen credit card. In Switzerland, providers have increased their fees, but the potential savings to the informed user can be up to several hundred francs.
Since last summer, credit card issuers have raised a series of expenses charged to the consumer falls within the comparator online moneyland.ch in a survey released Wednesday. Particularly obvious costs on holiday or abroad.
Thus, several providers have increased drains on foreign currency transactions. In addition, they are still more likely to charge fees on transactions in francs abroad. Besides disbursements (between 1 fr. 50 and 2 fr.) For each paper invoice.
Providers justify these increases by the new maximum ceiling interest charges to 12% since 1 July 2016, against 15% previously, oblige negative rates. Another explanation, lower interchange fees to the acquiring bank (the merchant’s) pay to the customer’s bank (issuing), which must be reduced to 0.44% by August 2017.
Moneyland.ch has screened 170 credit cards and charged. For the casual user, the difference in cost between the most expensive and most cost amounts to over 1,700 francs on the first two years. For frequent users, this difference even up to 1900 francs.
For substantial savings, moneyland.ch lists several golden rules. First, avoid paying in Swiss francs with his card abroad, but always in local currency. Otherwise, the costs are much higher, generally more than 3% of the transaction amount.
The comparator also advises to withdraw cash with credit cards in Switzerland and abroad. To do this, the debit card is still generally more than twice the price. Better to settle small amounts by credit card and the largest debit card.
With an annual cost of 26.95 francs over two years Migros Cumulus Mastercard Cembra Money Bank proves to be most advantageous for casual users, according to the survey. For frequent users, Gold cards are by far the most competitive, like the MasterCard Gold TCS (360 fr. 10 in two years). (Ats / nxp)