Businesses have the right to apply a surcharge to card transactions, but NAB's CEO says they are outdated and cause consumer confusion.
A major bank boss has taken aim at "outrageous" card payment surcharges, saying they are no longer fit for purpose. Surcharges — which cost Australians about $960 million a year, according to a March analysis of RBA data by the ABC — are becoming increasingly common across Australia. Some retailers add them to cover the cost of processing a transaction.
" Under rules set by the RBA and enforced by the Australian Competition and Consumer Commission , businesses aren't allowed to add a surcharge that's more than what it costs them to process a specific type of payment. The RBA has previously estimated the cost of processing Visa and Mastercard debit and credit card payments as being between 0.5 per and 1.5 per cent of the total purchase price.
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