Credit card customers risk being slugged with higher fees and interest rates by the major banks as they scramble to plug a revenue hole created by the Reserve Bank of Australia’s decision to end controversial surcharging on debit and credit cards.
The practice will end in six months, which the central bank estimates will save consumers $1.6 billion a year. But it is likely to mean higher credit card fees and interest rates – and less generous frequent flyer rewards – as banks respond to the RBA also cutting the cap on interchange fees.
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