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Banks hike card fees and cut rewards ahead of October ban

Banks losing $600 million yearly from the RBA's October 1 surcharge ban are raising interest rates, annual fees, and slashing rewards programs.

Why it mattersHigher card fees and interest rates will directly offset much of the savings Australians expect from the surcharge ban.

AustraliaEvery Australian with a credit card faces higher costs starting soon, potentially wiping out the surcharge ban's intended benefit.

✓ Claims checked against the source. checked 2 h ago