Cap on credit cards surcharges may be introduced by RBA

Wednesday 08 June 2011

Article by Mozo

The Reserve Bank of Australia (RBA) has revealed it is looking into introducing a cap on credit card surcharges after figures revealed that about 40 per cent of very large merchants levy a fee.

Credit card surcharges 'may be capped by RBA'

According to the report, the average amount charged by retailers and service providers is about 2.5 per cent of the transaction value, reports ABC News.

This figure is one percentage point higher than the average merchant service fee charged by card providers.

However, Aussies may not have to pay as much in the future as the RBA is looking into the issue and has invited affected parties to have their say in the matter before it makes a decision.

Shoppers may be tempted to buy their goods from smaller merchants using their credit cards in light of the finding that one-quarter of these include a surcharge.

Earlier this month, MasterCard spokesman David Masters told the Herald Sun that Aussies are becoming more cautious about spending using their credit cards.

Have a question about credit cards? Ask the money gurus at Mozo AnswersADNFCR-1761-ID-800571952-ADNFCR

Find great rewards credit card deals

Which type of rewards credit card would you like to compare?

Back to top