A warning has been issued to anybody with a Visa or Mastercard. Millions of Visa and Mastercard customers face new EU shopping fees. The firms have increased so-called interchange fees for online credit and debit cards for UK to EU transactions. Fees have been hiked from 0.2% to 1.15% for debit cards and 0.3% to 1.5% for credit card transactions. MPs have written to Visa and Mastercard to demand to know why. The Treasury Select Committee addressed the issue on Thursday July 14. READ MORE: "Recent rises in the fees paid by firms for cross-border debit and credit card transactions add additional costs to businesses, many of whom are already grappling with rising inflation and other cost pressures," said committee chairman Mel Stride.