RBA bans excessive credit card charges
Article by Mozo
Many of us will have been outraged by ridiculous credit card charges issued by businesses and retailers in the past, but thankfully these days appear to be over.
It is no secret that Aussies love to flash their plastic around and recent government figures showed that people down under have racked up an eye-watering credit card debt of $36 billion.
With Australia increasingly becoming a cashless society, the Reserve Bank of Australia (RBA) has moved to ban companies from issuing customers with large fees just for using their card to complete a transaction.
Under the proposals, major credit providers such as Visa and MasterCard will be able to restrict the amount businesses can charge for credit card payments, the Australian Associated Press reports.
Assistant governor of the RBA Malcolm Edey said that a draft revision of surcharging standards was in the final stage of consultation, which will be music to the ears of Aussies who would rather use plastic than cash.
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