Australian banks raise credit card fees after surcharge ban
Banks including BankSA are raising credit card annual fees sharply after the government abolished merchant surcharges on card payments.
When the Australian government banned credit card surcharges, the cost of processing payments did not disappear, it shifted. Banks are now recovering lost revenue by raising annual card fees.
BankSA is charging an extra $75 a year on top of existing $175 fees. BankSA also offers new individual cards at $84 per year instead of the joint account option.
The change affects cardholders who pay their balance in full. Merchants will try to recover costs through higher prices, while banks will look to fees or reduced card benefits.
A debit card works for everyday spending. Keep just one low-cost credit card for hotels, rental-car guarantees and emergencies.
- $75 per year
- BankSA extra fee
- $175 per year
- Existing BankSA fee
- $84 per year
- New individual card cost
- Age pensioner, full payment history
- Customer status
Why it mattersAustralian cardholders who thought the surcharge ban would save money are finding their annual costs rising instead, making them reconsider which payment method to use.
AustraliaAustralian credit card users face higher annual fees from banks recovering lost revenue from the abolished surcharge system.
✓ Claims checked against the source and corrected before publish. checked 10 h ago
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