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IGnite Accountants & Financial Services
Level 1, Suite 3

14 Sydney Road
Manly NSW 2095

Phone: (02) 8005 0380

TA 25191303

2050064

©2016 by IGnite Accountants & Financial Services. 

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ACCC gets tough on credit card surcharge

December 2, 2017

 

The ACCC has issued a warning to businesses charging excessive credit card fees. One large merchant has already been issued with four infringement notices and has paid $43,200 in penalties.

 

The new rules, which came into effect from 1 September 2017, prevent merchants from charging more than the true cost of the transaction. As a guide, where a charge is imposed, the ACCC says that consumers should expect to pay around 0.5% to 1% for payment by debit card, 1% to 1.5% by MasterCard and Visa credit cards and 2% to 3% for American Express. Consumers are being encouraged to contact the ACCC if a business is charging more than what the ACCC expects.

 

In our experience most credit card fee's are 1.5% to 2.4% depending on your arrangements with your bank. Amex is well higher and charging 3% wouldn't be unreasonable. 

 

Unsure let us know and we will guide you in the right direction.

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