Cuts to Credit Card Surcharges a Win for Consumers in Isaacs

Mark Dreyfus QC MP today welcomed Visa's use of the Reserve Bank's new rules to cut credit card surcharges for its customers.

Mark Dreyfus QC MP today welcomed Visa's use of the Reserve Bank's new rules to cut credit card surcharges for its customers.

Mr Dreyfus welcomed the move by Visa saying "Visa has really thrown down the gauntlet to the other major credit card providers, its competitors should follow suit by banning excessive surcharges for their customers too."

"We all have experienced the frustration of being hit with credit surcharges which can add up to a lot of money over the course of a year. Visa's decision will provide some extra cost of living relief for everyday people in our community."

Mr Dreyfus said that the decision by Visa adds to the raft of banking reforms already undertaken by this Federal Labor Government.

"Consumers in Isaacs are already saving hundreds of millions of dollars following the Government's credit card reforms and the increase in the tax free threshold from $6,000 to $18,200.

"The Federal Government has banned over-limit fees unless the customer specifically agrees that their lender can charge a fee for the service, saving Australian consumers about $250 million each year on Treasury estimates."

"We've also put in place tough new laws to save Australian cardholders money by forcing credit card lenders to allocate repayments to higher cost debts first."

"This Federal Labor Government is acting to ensure that consumers get a fair go from their banks and can get the best possible deal."

For more information visit www.bankingreforms.gov.au