Visa, Mastercard won’t lie down on card reforms

Visa International will follow MasterCard in appealing the Federal Court's decision to back the Reserve Bank's credit card fee reforms. Visa has filed a Notice of Appeal against the decision, describing the RBA's new regulations as “poorly formulated” and “damaging to Visa's 6.2 million cardholders in Australia”. Visa's Australia and New Zealand executive vice president Gordon Wheaton said that charge cards such as American Express, as well as store cards, have been handed an unfair advantage by the RBA. He called on the central bank to restore a level playing field for credit card providers.