Aussies eagerly await new credit card rules

Millions of Australian consumers with credit cards are eagerly awaiting new reforms from the Reserve Bank to limit credit card surcharging.

The Reserve Bank’s Payments System Board will reveal the new rules within months.

The RBA Governor Glenn Stevens said Australians are still being slugged with “excessive” surcharges.

One Sydney council is charging ratepayers 2 per cent of their rates bill if they pay with a credit card. Airlines can charge mark-ups or 2670 per cent over the cost to them of accepting credit card payments according to consumer group CHOICE.

Source: Herald Sun