Those irritating and often uneven percentages added to bills when you tap to pay will disappear next month, but the cost of using plastic won’t vanish, and prices are set to rise.
Eftpos, Visa, Mastercard, American Express, JCB, and UnionPay purchases will be free from card surcharges from 1 October, saving consumers an estimated $1.6 billion per year. However, because surcharges cover some merchants' banking costs, prices are expected to rise.
Surcharge fees are just one of three changes starting next month. Interchange fees, which banks charge when they process domestic card transactions, will be capped at 0.3 per cent on each payment, down from 0.8 per cent.
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The Story So Far
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Sep 11
Card surcharges are ending soon. But the shake-up could come at a cost
Credit and debit card surcharges are ending from October in a move that's expected to save consumers $1.6 billion a year.
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Sep 11
Card surcharges are ending soon. But the shake-up could come at a cost
Credit and debit card surcharges are ending from October in a move that's expected to save consumers $1.6 billion a year.
This story was compiled from publicly available reporting and independently reviewed by BRRO News.