Card Surcharges Are Banned From October, but Australians Could Still Pay a Price
The biggest issue for those small businesses is whether they actually receive the benefit of the interchange cuts,' said one academic.
TL;DR
- A ban on card surcharges is effective October 1st in Australia.
- The ban is intended to save shoppers money by eliminating surprise charges at the till.
- Retailers must either absorb surcharge costs or integrate them into their prices.
- Potential negative consequences include retailers raising prices or banks reducing rewards.
- Alternative payment methods like cash or PayID might be offered with discounts of up to 10 percent.