Consumers may finally receive a break after the European Union ordered MasterCard to drop its international fees for cross-border purchases or face steep fines amounting to 3.5% of global revenues daily. The move comes as the EU is attempting to make all transactions across its borders free from any fees or extra charges. While this is only one fee being dropped, it is definitely one of the more expensive fees for those living in Europe or traveling abroad.

From the WSJ:
Credit-card company MasterCard Inc. must drop the fees it charges stores for cross-border credit card purchases within six months or face massive daily fines, the European Commission ruled Wednesday. The charges are incompatible with European Union antitrust rules, the commission said. The fees charged on payments customers make abroad with MasterCard credit cards or Maestro debit cards inflate the cost of card acceptance for retailers, said Competition Commissioner Neelie Kroes.

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