Application made for group claim seeking compensation for companies for alleged overcharging on customer card payments

Visa and Mastercard are being threatened with a potential £5bn lawsuit for allegedly stifling competition and charging UK businesses excessive fees.

The law firms Harcus Parker and Hausfeld have lodged an application at the Competition Appeal Tribunal in hopes of pursuing a group claim that would compensate companies who, they claim, have been overcharged on customer card payments since October 2020.

Dip in credit card spending in April, particularly on travel, suggests Britons preparing for harder times amid Iran war fallout

Households cut back on their spending in April at the fastest pace in 16 months, as the conflict in the Middle East provoked fears of another cost of living crisis, a report from one of the UK’s biggest banks has suggested.

Barclays, which processes nearly 40% of the UK’s credit and debit card transactions, said its data showed there had been a 0.1% fall in card spending last month compared with a year earlier. This was the first year-on-year fall since November 2024.

Banking lobby group says lenders are holding off changes as there is no widespread consumer demand for now

• Explainer: What will happen when the £100 limit is scrapped?

Shoppers will not be able to splash unlimited amounts on contactless cards despite the lifting of a £100 cap on payments as Britain’s banks held off on making changes.

The official limit on individual contactless transactions on credit and debit cards has been scrapped but the UK’s biggest high street and challenger banks have kept the £100 ceiling in place.

It’s easy to let your credit card balance mount up – and hard to admit you have a problem. But help is at hand. We talk to four people who worked their way back into the black

Abbie Marton Bell, a National Debtline adviser, is often the first person her clients will speak to about their debt, after years of carrying the weight of their financial worries alone. Most of the time, they haven’t even told their partner or family, she says, and “you can literally hear the relief in their voice”.

Debt carries a lot of shame, but it’s more common than people might think. In the UK, 84% of adults had some form of credit or loan in the year leading up to May 2024. The average household holds about £2,700 in credit card debt, and it’s only getting worse. Borrowing has been rising at its fastest rate for almost two years, with those hit hardest by the cost of living crisis increasingly using credit to pay for essentials.

BNPL can be a fee-free way to manage cashflow for an essential purchase but keep track of the payment schedule

Buy now, pay later (BNPL) is a form of credit that lets you spread payments for everything from clothes, jewellery and white goods to concert tickets, hotel rooms and takeaway meals.

Donald Trump’s leverage over Visa and Mastercard highlights a blind spot in Europe’s ‘independence’ strategy. Emulating India’s response might help

When the centre-left French politician Aurore Lalucq posted a warning last Wednesday that Donald Trump could cut off Europe from international payment systems, the clip went viral. To many, her message made sense. After all, if Mr Trump was prepared to test allies’ boundaries over Greenland, it is not far-fetched to imagine Visa and Mastercard becoming used against a recalcitrant Europe.

The US can turn off payment systems it controls. Russia learned this first-hand after sanctions were rightly applied for its invasion of Ukraine. As up to 60% of Russian retail transactions depended on Visa and Mastercard for authorisation, the ban left many ordinary people stranded without access to funds and unable to buy goods. Under Mr Trump, America’s goal is to “help Europe correct its current trajectory”. Given such talk, Ms Lalucq, who chairs the European parliament’s economic and monetary affairs committee, is not wrong in calling for an “Airbus of European payments” to protect the EU.

From joint bank accounts and pooled savings to mortgages and tax allowances, talk about money for a happy financial future together

There’s no one-size-fits-all answer for whether you should manage your finances jointly, separately or somewhere in the middle.