Press Release

For immediate release

Information verified correct on December 4th, 2016

finder.com.au welcomes crackdown on excessive card surcharges


October 20, 2015, Sydney – Comments by Michelle Hutchison, Money Expert at one of Australia's biggest comparison websites finder.com.au:

"Today’s announcement by the Federal Government to ban excessive card surcharges is a great step towards fairer costs for using our cards to make everyday purchases. For too long we've seen companies like taxis, restaurants, retailers and airlines rip Australians off when paying with a credit card. The ban on excessive surcharges should have been put in place a long time ago.

“Australians are currently paying up to 10 percent or $30 per transaction for the privilege of using their cards to pay for transactions with businesses such as airlines and taxis. If merchants are forced to charge only the true cost for facilitating credit card transactions, Australians could save as much as 90 percent of the fee charged. There could be big savings for regular service users. For example, if you get one $40 taxi per week in Brisbane, you would save over $185 in credit card surcharges alone over the course of a year.

"The real concern is if it will be effectively regulated. Because these charges can seem very small, such as 3 percent of a $20 meal at a restaurant is just $0.60, there is a chance that some companies will continue to charge excessive fees and consumers fail to notice the charges.

"Australians need to keep an eye on the surcharges they are paying on their transactions, ask what the merchant will charge before paying and keep a receipt. Once this legislation is in place, it will be up to consumers – as well the regulators – to keep a close watch on surcharges."

###

For further information

Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About finder.com.au:

finder.com.au is one of Australia’s biggest comparison websites and has helped over 4.8 million Australians find better credit cards, home loans, life insurance, shopping deals and more since 2006. finder.com.au compares 250 credit and debit cards from 31 providers, over 300 home loan products, and information from 13 life insurance providers as well as online shopping promo codes, mobile phone plans, travel insurance and more. One Australian every five minutes is using finder.com.au or creditcardfinder.com.au to find better (Source: Google Analytics).

Ask a question
feedback