Mastercard Sharply Increasing Fees on U.K. Purchases of European Union Goods and Services

Mastercard (NYSE: MA) customers in the U.K. are in store for some sticker shock this coming autumn. The company intends to dramatically increase its main debit and credit card fees in the wake of Brexit, the country's political and economic separation from the European Union. As reported by the Financial Times on Sunday, starting on Oct. 15, the interchange fee for Mastercard's credit cards is set to rise to 1.5% of the total transaction value for each purchase made by British consumers of a good or service originating from the EU.