Complex Made Simple

Credit card charge ban to hit jewellers in UAE

Jewellers in the UAE have said the recent ban by the consumer protection department on charging customers additional fees on their credit card payments will hurt their profit margins, Gulf News has reported. Banks charge gold retailers about 1.65% service charge for reclaiming cash owed to them in credit card purchases, Shamlal Ahmad, managing director of Malabar Gold said. "In gold, there's only a 2% margin so it's not possible for us to bear that charge. When customers pay by credit card we add that fee to the making charges."