Media Release

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."

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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 us

More than 3 million Australians turn to finder.com.au every month to save money, time and make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, we’ve helped our users make more than 17 million decisions.

We continue to expand and launch around the globe, and now operate in the United States and United Kingdom. For further information visit www.finder.com.au.

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