10 things to know about new credit card rules

  1. The Reserve Bank has banned excessive credit card surcharges, with this being enforced by the Australian Competition and Consumer Commission (ACCC);
  2. The ban is effective from September 1 for large businesses and September 1, 2017, for smaller businesses;
  3. Retailers that choose to impose a surcharge must ensure a non-surcharged payment method is offered. For example, BPAY or cheque/cash;
  4. The amount of the surcharge should be built into the base price and not added to the price of an item. Retailers will not be able to avoid the rules by calling surcharges something else while applying them to some payment methods and not others;
  5. Retailers are required to prominently display the terms of any surcharge;
  6. Only direct costs can be passed on to a customer. These include the actual costs of merchant service fees, rental of payment devices and maintenance costs. According to the ACCC, a debit card transaction costs a business

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