My sneaky $66 fee shows what credit card perks really cost us
Currently, this can range from anywhere between 0.2 per cent all the way up to 10 per cent.By now, we’re all familiar with these additional fees popping up on payment terminal screens. When the percentage is based on something relatively small like a single coffee, it’s minor. “Consumers and businesses find the rules complex and confusing, surcharges are often not well disclosed, and most consumers want surcharging to stop.”AdvertisementThe RBA estimates that there are now more than 10 million active credit card accounts in this country, with about 16.5 million cards issued.
- ▪Currently, this can range from anywhere between 0.2 per cent all the way up to 10 per cent.By now, we’re all familiar with these additional fees popping up on payment terminal screens.
- ▪When the percentage is based on something relatively small like a single coffee, it’s minor.
- ▪“Consumers and businesses find the rules complex and confusing, surcharges are often not well disclosed, and most consumers want surcharging to stop.”AdvertisementThe RBA estimates that there are now more than 10 million active credit card
Sydney Morning Herald publishes from Australia and files mainly under world. We currently carry 3,323 of its stories.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.