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Banks cut rewards programs, free travel insurance amid surcharge ban
Sweeping changes across payment systems will start on October 1. (ABC Radio Adelaide: Malcolm Sutton)
After four decades as a Commonwealth Bank customer, Trevor Vienet is changing banks.
That is because CBA has changed its association with the Qantas Frequent Flyer program ahead of the credit and debit surcharge ban announced by the Reserve Bank of Australia.
It is the lesser-known side effect of the changes that begin on October 1 because banks' revenue will drop as they reduce the amount they charge businesses to bank with them.
The Commonwealth Bank has introduced a new in-house rewards system called Yello, which Mr Vienet is not eligible for.
Australia surcharge ban: Why councils across the country could face a $200 million a year hit from Thursday
The looming ban to surcharges on credit and debit cards could cost Australian councils up to $400,000 a year each, totalling $200 million across the entire country, a councillor has warned.
On Thursday, the Reserve Bank of Australia will remove surcharges on any payment made with card, which will mean the advertised price on a product will be how much it will cost.
Credit and debit card surcharges will be a thing of the past from Thursday. iStock
While the RBA claims the move will save Aussie consumers up to $1.6 billion in hidden fees, there are concerns the major banks will simply pass on the costs to businesses and other vendors instead of absorbing the blow.
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