Australians will no longer be hit with card surcharges from 1 October. What will the ban mean for you?
News Source
β’Sun, 20 Sep 2026 15:00:19 GMT
π° What Happened
From 1 October, Australians will not pay extra fees for using a card at the checkout. Debit and credit surcharges on Visa, Mastercard and Eftpos will be banned. The Reserve Bank says this will save shoppers about $1.6bn a year.
But banks and card companies may make up the money in other ways. Some have already cut reward points and travel insurance. Others have raised yearly fees and interest rates on unpaid card balances.
π The Backstory
Surcharges were meant to cover the cost of processing a payment. Shops passed that cost on to customers. The Reserve Bank has been reviewing these fees for years. Many shoppers said the small fees were confusing and unfair.
Banks earn money from cards through interest, fees and rewards programs. When one source of income shrinks, they often look for another. Consumer groups back the ban but warn people to check what their card now costs.
π― Why It Matters
This matters because most Australians use cards almost every day. The change could save you money at the register. But check your card fees, as banks may charge more elsewhere.
From 1 October, Australians will not pay extra fees for using a card at the checkout. Debit and credit surcharges on Visa, Mastercard and Eftpos will be banned. The Reserve Bank says this will save shoppers about $1.6bn a year.
But banks and card companies may make up the money in other ways. Some have already cut reward points and travel insurance. Others have raised yearly fees and interest rates on unpaid card balances.
Surcharges were meant to cover the cost of processing a payment. Shops passed that cost on to customers. The Reserve Bank has been reviewing these fees for years. Many shoppers said the small fees were confusing and unfair.
Banks earn money from cards through interest, fees and rewards programs. When one source of income shrinks, they often look for another. Consumer groups back the ban but warn people to check what their card now costs.
This matters because most Australians use cards almost every day. The change could save you money at the register. But check your card fees, as banks may charge more elsewhere.