Macquarie’s DEFT ends card payments ahead of RBA’s surcharge ban
Key takeaways
- DEFT, Macquarie Bank's direct electronic funds transfer payment system, will stop accepting credit card payments from 1 October.
- This is due to the ban on credit card surcharges, which comes into effect on the same day.
- What's next: You can still make DEFT payments via BPAY, PayID or bank transfers.
DEFT is ending credit card payments, another big change resulting from the RBA's incoming ban on credit card surcharges.
DEFT, or Direct Electronic Funds Transfer, is a payment system run by Macquarie Bank. It's a popular payment system used by strata management companies and real estate agencies to process strata fees and rent payments.
The changes come into effect from 1 October 2026, and also affect debit card payments.
In a statement, DEFT said "Card payments (including credit and debit cards) will no longer be available as a payment method through deft.com.au, effective 1 October 2026. This change applies to both one-off payments and recurring direct debit arrangements set up with a card."
Currently, DEFT charges 0.40% for debit card transactions, 1.50% for local Visa credit card transactions, 1.20% for local Mastercard credit card transactions and 1.50% for American Express card transactions.
DEFT customers can use other methods to make payments, including:
- BPAY
- PayID
- Bank transfers (you'll need to make a DEFT account first).
There are no fees for using these methods.
The Reserve Bank's card surcharge ban
Macquarie is not the first bank to make changes ahead of the RBA's credit card surcharge ban.
The ban, which comes into effect from 1 October 2026, is a win for most consumers. It means no more transaction fees for using a card.
But banks and card providers rely on these fees to offset some of their own costs, and to subsidise popular credit card rewards and frequent flyer programs.
ANZ and NAB have already announced fee increases or lower earn rates on several of their proprietary or subsidiary credit cards.
Annual fees are going up, and earn rates are dropping, sometimes by as much as 50%.
Is your credit card changing?
See what changes are coming ahead of the card surcharge ban
What do consumers need to do?
DEFT is a popular payment method used by both landlords/real estate agents and strata management companies.
If you're required to use DEFT to make a payment, you'll now need to do so via BPAY, PayID or set up an account and transfer money directly from your bank account.
Making large payments like rent or strata fees with a credit card through DEFT was already an expensive proposition.
If your rent was $700 a week, a 1.50% card transaction fee on top would cost you $10.50 a week. That's $546 a year in fees.
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