Debit card surcharges to be scrapped by 2026, government promises
Debit card surcharges to be scrapped by 2026, government promises
Debit card surcharges to be scrapped by 2026, government promises
There is an end in sight for consumers getting hit with sneaky surcharges when they pay on card, with the federal government prepared to ban the practice by 2026, promising to give consumers and small...
In short: The federal government says it is prepared to ban debit card surcharges from January 1, 2026, subject to a review underway by the Reserve Bank.
It is unclear how much Australians pay in debit card surcharges each year, but Assistant Treasurer Stephen Jones says "it punches a big hole in your wallet" when they are added up.
What's next? As the RBA continues its review, the government says it is sending a warning to the banks and payment services providers that unless they stop charging "excessive" surcharges, the government will crack down.