Visa to outlaw hefty credit card fees
Tuesday 19 March 2013 @ 9.17 a.m. | Corporate & Regulatory
Hefty credit card surcharges could be on the way out after Visa became the first company to ban Australian retailers from slapping on the fees, according to an article in smh.com.au.
New rules come into force on Monday, 25 March 2013, which Visa says it will use to restrict surcharges to as little as one per cent.
Among the biggest culprits accused of using surcharges as a revenue source are taxi companies, who place a 10 per cent surcharge on customers who pay with their credit card.
Airlines and some retailers have also been accused by consumer group Choice of over-the-top fees.
However independent eftpos provider Tyro Payments says the major banks were also to blame, imposing unnecessary fees on struggling small retailers, who then pass the costs onto customers.
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