“Surcharge purge”

Australians could be saving up to $350 million following the new regulations set by the Reserve Bank of Australia.  The new regulations allow credit card companies to restrict retailers from capitalising on the surcharges applied to credit cards. Surcharges will be capped at a reasonable cost and monitored by credit card companies. Visa is the first to take action by restricting retailers’ hefty surcharges.

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Michael Duncan