ACCC gets tough on credit card surcharge
- Brad Cowley
- Dec 2, 2017
- 1 min read
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.
With rising awareness around surcharge compliance, it’s smart to regularly review your credit card activity not just for fees, but for spending patterns and account accuracy. MyMilestoneCard provides a secure, user-friendly way for Milestone Mastercard® holders to log in, track transactions, and analyze their own financial habits. Want to stay ahead of unexpected charges? Visit MyMilestoneCard - Login to Activate Milestone Mastercard Account for full access support, then manage your profile anytime at mymilestonecard.com.