Ban on credit card fees begins
Shoppers across the country have welcomed the Coalition Government’s ban on excessive credit card fees which came into effect last week.
The ban brings an end to the unfair manner of some retailers and service providers who have been charging customers with fees over and above the actual cost of the credit card transaction.
While some businesses will be able to continue charging fees under the ban, they will only be allowed to do so if the fare is reasonable and covers the actual cost of the transaction. However, airlines, ticketing agencies, hotels and a range of other large Australian businesses who have been charging inflated surcharges of up to 7 percent will be forced to discard their moneymaking habits and adjust costs accordingly.
The Coalition Government passed the credit card fee legislation in February of this year to stop big businesses from unfairly profiting from the exorbitant fees. Small businesses will have 12 months to comply with the ban.
Members are encouraging the public to report any unscrupulous businesses who fail to meet the new standards and continue to ruthlessly over charge.