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Great News For Shoppers As Excessive Fees On Card Payments Are Banned

More cash in YOUR pocket!

Great News For Shoppers As Excessive Fees On Card Payments Are Banned Pexels

There'll be a little bit more cash in our pockets from today, with all Aussie businesses now banned from slugging consumers with excessive surcharges for using EFTPOS or credit card at the checkout.

The rule has already been in effect for big businesses since September last year, but the Australian Competition and Consumer Commission (ACCC) said it's being extended to all businesses that are either based down under or use an Aussie bank.

The ban means businesses can no longer make a profit from processing payments for EFTPOS, MasterCard, Visa and American Express cards, and can only charge what it actually costs them to accept the payment, which should be no more than one to three per cent.

Pic: ANZ

 

For example, if your local cafe charges you extra to use card to pay for a $4 cup of coffee and it costs them one per cent to process the payment, legally they can only charge you 4 cents extra.

Payment types not covered by the ban include American Express, BPAY, PayPal and Diners Club.

If you think you're still being overcharged for purchases, the advice is to talk to the business first, if you have no success there make an official complaint with the ACCC.

Businesses caught severely breaching the rules could be slapped with fines of more than one million dollars.

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