Time has run out for excessive credit card surcharges, with the Reserve Bank's new rules limiting surcharges coming into effect on 18 March 2013.
CHOICE has put the spotlight on the worst surcharging offenders to stop them from flouting the rules. We've set the clock ticking with a live counter marking the time it takes Qantas, Jetstar, Virgin Australia, Tiger Airways and Cabcharge to reduce their outrageous credit card fees.
More than 6700 people signed our Take Charge petition, which we have now delivered to these companies. As a result of these efforts, the Assistant Treasurer David Bradbury has intervened, flagging possible regulatory action.
However, these retailers continue to ignore the Reserve Bank's rules, and every day they do so is another day that Australians will spend millions more than they need to simply for using their credit cards. This ticker will continue to run until these main offenders change their ways and deliver a consumer win on payment surcharges. Check back to see an end to consumers' frustration.
While the actual costs of processing credit cards vary between retailers and across different card types, the average merchant service fee for MasterCard and Visa is estimated to be 0.86%.
No official agency will enforce the Reserve Bank's rules. Responsibility instead lies with major credit card companies to keep retailers in line.
That’s why it's up to you to demand an end to excessive surcharging by the main offenders. If you didn't sign the petition, it is not too late to join the campaign: help end outrageous credit card surcharges by signing up as a campaign supporter.