Visa defends credit card rates
Visa has hit back at criticism from the Office of Fair Trading that it charges consumers "an unduly high fee".
10:51 21 October 2005
Visa has hit back at criticism that it charges consumers "an unduly high fee".
The Office of Fair Trading (OFT) has claimed that the charge paid by consumers to banks whenever they use a Visa-branded card to purchase goods is too high.
OFT feels that the existing deal between Visa and the UK's banks on the level at which the usage fee should be set breached competition law, and is now contemplating taking action.
We have been expecting this so we are not surprised by it, although we are disappointed with some of the words used," commented Visa UK managing director Colin Grannell.
"We do not agree that the rates are unduly high."
All the parties involved can now respond before OFT makes its final decision.
There are 42.8 million Visa credit cards in issue in the UK, according to figures released in June.