Visa Card Fees
By Dickson Jere
Over the weekend, I went to purchase something in CBD shops. Because it is high value stuff, I did not carry cash but opted to swipe my debit Visa Card. I was alerted by the shop that they will charge two percent (2%) on top of the actual price to meet the Visa Card expenses.
“How and why?” I asked.
The owner of the shop explained that – Indo Bank – always deducts two percent from shop accounts whenever the machine is used.
“So, we add two percent to avoid making loses,” he said.
So, you get the receipt with the actual price of the goods but you are charged an extra two percent that will not reflect on the receipt as “Visa Card” fees.
But now, how is this even making sense when Bank of Zambia (BOZ) and the Bankers Association of Zambia have been advocating for cash-free transactions. I think this must be addressed by BOZ and Competition and Consumer Protection Commission (CCPC) as matter of urgency.
Technology should make business transactions easier and cheaper.
