Banks are slashing credit card perks. Here’s what you stand to lose | Cash discounts and refunds:…

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Banks are slashing credit card perks. Here's what you stand to lose

Experts say banks are clawing back lost revenue with significant changes to credit cards. (ABC Adelaide: Brett Williamson)

From October 1, those small surcharges we pay on debit, prepaid and credit cards will be scrapped under reforms by the Reserve Bank of Australia (RBA), saving customers about $1.6 billion each year.

While this is good news for most of us, experts say some credit card holders may be worse off under the reforms.

Here's what you need to know about the changes and how they could affect you.

Because the RBA is also lowering the cap on interchange fees (what a store would pay to your bank when you tap your card), it means most banks are looking to recoup lost revenue.

Cash discounts and refunds: Your card surcharge ban cheat sheet

Consumers and businesses are wrapping their heads around the Reserve Bank’s ban on card payment surcharges today and figuring out how it works.

From October 1, you should no longer see an additional charge applied to card payments. If your coffee costs $5, that’s what you should expect to pay – at least, in theory.

In practice, you may well still see a surcharge on your purchases as merchants and retailers adjust their approach.

Here’s a quick cheat sheet on how the ban will work.

The Reserve Bank has changed the rules to now allow card networks – Mastercard, Visa and Eftpos – to ban surcharges for credit, debit and prepaid card payments made in store, online or via mobile wallets. PayPal, American Express, UnionPay are also removing surcharges from October 1.

New fees, higher costs: Card surcharges have been banned – how will it affect the way you pay?

Australian has banned credit and debit card surcharges. Some businesses plan to pass the cost on to consumers – or avoid it altogether

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Australians will no longer pay a surcharge on credit or debit card purchases from Thursday, but the changes at the register won’t stop there.

Some businesses are already making changes, with an after-school care provider cutting off card payments and a school canteen service setting $10 minimum checkouts to manage processing costs.

At the same time, major banks and card providers are trimming cardholder benefits to offset their own expenses.

For more detailed information, explore updates concerning Banks are slashing.

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