The management of a credit card can cost up to 85 euros per year between fees, activation costs and other taxes, with an average annual cost that has grown by + 8.5% in the last two years. This is underlined by Non-profit Consumerism, which points out the dangers inherent in the “Cashless Plan” launched by the Government.
The monthly fee on credit cards applied by banks and financial companies ranges from a minimum of € 0 to a maximum of € 6.30, depending on the type of card used. This monthly fee is often free only for the first year of issuance of the card, while a cost is applied for the subsequent periods, updated from year to year. To this expense, adds Consumerismo, are added the activation and issuance costs of the card, which can reach 10 euros and, when you make a withdrawal with a credit card at ATMs, you face commissions equal to 4%, which even reach 5.2% in the case of withdrawals within a non-EU country (around 4% in the EU area).
To these expenses it is then necessary to add the costs for blocking or replacing the card in the event of theft or loss, those for recharging prepaid cards, sending the paper statement, currency exchange fees applied in cases of payments made abroad, etc.
It is no better on the ATM front – adds Consumerism – the annual fee for this instrument can even reach 45 euros, and if you decide to withdraw from an ATM other than that of the bank where you have the current account, the commission on each withdrawal it is equal to 1.83 euros.
“The government’s plan to discourage cash payments is likely to result in a sting for consumers, while the Bonus Pos recently launched by the executive is to the sole advantage of retailers and does not solve the problem of excessive costs of credit cards and ATMs – says the president of Consumerismo, Luigi Gabriele – A mockery for users who on the one hand are forced to make electronic payments, on the other hand they have to face increasing costs for cards and ATMs, when instead electronic money and cash should coexist within the market.”
“We ask the Bank of Italy and the Ministry of the Economy to intervene to create an infrastructure that reduces interbank commissions on electronic payments, and eliminates heavy taxes and absurd costs applied by banks on credit cards and ATMs”, concludes Gabriele.