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RBA wants to end card surcharges and save users $1.2b a year (www.abc.net.au)

submitted 1 month ago by Eyekaytee@aussie.zone to c/ausfinance@aussie.zone

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[–] MisterFrog@aussie.zone 1 points 1 week ago

They do exist: https://www.canstar.com.au/credit-cards/compare/no-annual-fee-credit-cards/

The important part is the fees they charge merchants in order to cover the cost of the rewards points. That's coming from increased prices to cover the cost if the fee is not being passed on to the card user.

We're all technically subsidising your rewards points, and I think that's a perverse incentive we ought to fix.

We should want card fees to be a minimal as possible to increase productivity, and with technology being as it is, 1% is a ridiculous sum already, but rewards cards charge the merchant more, and buy now pay later even more than that.

Making the merchant wear this cost while not regulating fees to the merchant, is not great, in my opinion.

Make EFTPOS default and ubiquitous. Rewards cards are a scam to society