Surcharges on credit cards 'exceed payment fees'

Consumers are being charged more than the payment fee required by many retailers when they purchase goods or services on their credit cards, new research indicates.

A study by banking researcher East & Partners found in some cases the costs faced by Aussies using their plastic can be up to three times the amount required by firms to recoup the payment fee, reports the Queensland Sunday Mail.

Ingrid Just, a spokesperson for consumer group Choice, commented: "It is an area that consumers are becoming increasingly frustrated over, particularly when surcharges aren't disclosed prominently upfront."

According to the report, 28 per cent of retailers impose a surcharge on customers making a payment using their plastic.

Aussies hoping to reduce the costs associated with buying items on their cards may want to consider heading online to compare credit cards to ensure they get the best deal available.

This comes after Dun & Bradstreet figures published last month revealed that 45 per cent of people are likely to use plastic to pay their bills.

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