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Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Whats with all the ad hominem tonight? You might want to dial it back a bit. Payments System | RBA Have a read of the papers published by the RBA so that we can engage in some meaningful dialogue. There is...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio There is an idea floating around at the moment which is similar in that the merchant will pay for points directly from the supplier (Velocity, QFF, Pinpoint) to the customer and keep the cards issuers out of...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Why should the RBA develop a system specifically for points schemes? Rewards are a privilege. The RBA lets the market decide on surcharges. Its up to merchants to educate themselves about fees and charges and...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio The RBA's position is that consumers who use cheaper payment methods (EFTPOS, Scheme debit, standard cards) subsidise the benefits of those who use more expensive payment methods even though the rails on...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Interchange is the opaque fee that the acquirer of the transaction pays to the issuer of the card. One of the main reasons why rewards points are paid out of this revenue bucket is because it is directly...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Recouping the cost of processing the card transaction is reasonable. The problem lies in allowing the market to regulate itself. Cab-charge were the original perpetrator charging 10% for basically, nothing...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio A big Hotel shouldn't be dealing with a lot of cash and should be encouraging customers to use cards. Big Hotels LOVE the idea of a pre-auth if you do a runner but HATE the idea of paying for the privilege...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Businesses simply do not see cash handling as an expense or a risk. They seem to like it for some reason - especially small businesses. The Banks are partially to blame for this as they don't charge for cash...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Thats 70bps above the upcoming interchange cap. Keep in mind that there are also 10bps in scheme fees on top so there is a 60bps "please explain" Lets say that the Bank gets around 30-40bps this leaves up...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Rent control doesn't work the way that you are proposing so thats probably not a good example. Its also not opaque like interchange. Surcharging has been left to individual merchants based on their costs and...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Its a hard question to answer isn't it? At least you were honest about it. Business class as an example really shows that interchange benefits no one but the premium card holder. With Business class, the...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio My only question to all of you is; "What benefit does interchange bring to anyone besides you, the premium card holder?" When you can answer this honestly, you will see the RBA's position very clearly. You...

Reduced points earn on Suncorp (White label Citibank) cards. https://www.finder.com.au/suncorp-bank-introduces-cap-on-qantas-points

Interesting opinion.

Are these the same bureaucrats who have overseen 25 years of non stop economic growth (no recessions), record low interest rates, a healthy economy and a stable and secure banking system? These same bureaucrats? Asking for a friend.

For every complex problem there is an answer that is clear, simple, and wrong. H. L. Mencken

There are more things in heaven and earth, Horatio, Than are dreamt of in your philosophy.

It's like taking a child's toys away after warning them that it was going to happen and watching the reaction.

You know that virgin card is issued by Citibank right? Citibank has a "one size fits all" approach to cards like this. They issue Suncorp and BoQ as well. All of them are the same.

The maximum rebate I have ever negotiated on a scheme corporate card was 1%. Basically the Bank split the interchange with the card user. The main advantages are the reporting, spend control (Merchant category blocking) and limit management (at a company level and spend level). There is better...