Credit card surcharge ban comes into force on October 1 | ABC NEWS

From Thursday, October 1, businesses will be banned from adding a surcharge to customers using electronic terminals to pay for goods on card networks including EFTPOS, Mastercard and Visa. The cap on interchange fees paid by Australian businesses to banks for processing credit card fees will reduce from 0.8% to 0.3%, meaning businesses will pay lower fees but bank revenues will take a hit. In preparation for these changes, the major Australian banks are increasing credit card fees, reducing reward program perks, and cutting back on travel insurance inclusions. The surcharge ban is expected to save consumers about $1.6 billion and businesses $200 million in surcharge fees annually. #ABCBusiness #Surcharges #RBA #Finance #Money Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia