Card surcharge ban used as ‘cover’ for larger price increases by Australian businesses, experts say
‘Round-up’ pricing in items such as coffee suggests increases are exceeding the typical 1.5% surcharge fee Follow our Australia politics live blog for latest updates Get our breaking news email, free app or daily news podcast Businesses are using the recent ban on credit card surcharges as “cover” to pass along much larger price increases to customers, experts say, as cafes and restaurants struggle to cope with climbing costs and rising interest rates. Credit card surcharges, typically worth abo
Key Takeaways
- Card surcharge ban used as ‘cover’ for larger price increases by Australian businesses, experts say.
‘Round-up’ pricing in items such as coffee suggests increases are exceeding the typical 1.5% surcharge feeFollow our Australia politics live blog for latest updatesGet our breaking news email, free app or daily news podcastBusinesses are using the recent ban on credit card surcharges as “cover” to pass along much larger price increases to customers, experts say, as cafes and restaurants struggle to cope with climbing costs and rising interest rates.Credit card surcharges, typically worth about 1.5% of the transaction, were banned from 1 October, as part of a Reserve Bank-led reform aimed at improving transparency for customers and, ultimately, lowering bank fees. Continue reading...
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