RBA clamps down on credit card charges

The Reserve Bank of Australia (RBA) is clamping down on excessive credit card charges across the country.

A lot of people have bemoaned the steep fees that some merchants issue when accepting payment via plastic and the RBA has now stepped in.

It has revamped its surcharging standards so that traders can only hand out charges that cover the cost of the transaction to the business.

This is great news for older people in particular, as a recent survey conducted by Veda showed that baby boomers are still the most keen to use credit cards.

Representatives of the central bank said there was mounting evidence that card users were getting ripped off in certain stores and they also confirmed the new rules will be in place from January 2013.

"The variation allows card scheme rules to limit surcharges to the reasonable cost of card acceptance. The variation continues to ensure that merchants can fully recover their card acceptance costs," a statement released by the RBA read.

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