Visa voices concern over credit card surcharges
Aussies going online to compare credit cards may be interested to learn that Visa has struck out at merchants in the country for putting excessive surcharges on purchases made using plastic.
In a submission to the Reserve Bank of Australia (RBA), the firm asserted that the charges were not designed to be a way to supplement the incomes of retailers, reports the Australian.
"Visa is deeply concerned that surcharging levels in Australia are excessive," it stated.
The company said the practice has a negative impact on customers and consumers by increasing prices and pushing up the cost of living.
It added that surcharging has now gone "beyond a merchant recouping the genuine costs of accepting card payments".
Earlier this year, Choice, the consumer watchdog highlighted the issue of surcharges as a cause for concern.
It called on the RBA to release estimates of how much is paid by the public in credit card surcharges and to limit the amount that companies are permitted to levy against consumers.
Have a question about credit cards? Ask the money gurus at Mozo Answers.