Credit card surcharges end today but customers will pay in other ways
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Banks are slashing credit card perks. Here's what you stand to lose - ABC News
Banks are slashing credit card perks. Here's what you stand to lose
Experts say banks are clawing back lost revenue with significant changes to credit cards. ( ABC Adelaide: Brett Williamson )
From October 1, those small surcharges we pay on debit, prepaid and credit cards will be scrapped under reforms by the Reserve Bank of Australia (RBA), saving customers about $1.6 billion each year.
While this is good news for most of us, experts say some credit card holders may be worse off under the reforms.
Here's what you need to know about the changes and how they could affect you.
Because the RBA is also lowering the cap on interchange fees (what a store would pay to your bank when you tap your card), it means most banks are looking to recoup lost revenue.
A couple of ways they're doing this is by "drastically" changing what you can earn on your card ( perks and points ) and how much you're paying in card fees , says Nicole Pederson-McKinnon, a financial literacy expert and author.
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