ACCC gets tough on credit card surcharge
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.