Card payment sucharges banned in Australia from 2026

[MooTime]

It's become normalised over many years with the same process.

Just as it's normalised in UK with very few documents submitted over the years.

Every country is different.

 

[transpactraveller]

How has that become normalised as acceptable in Australia? Most credit card applications in the UK are instantly approved with no documents required.

Because it's what our government requires banks to do for all applications (apparently to "protect" people from getting into debt, unless it's gambling debt...)

Anyway, the Australian credit card legislation forces banks to verify proof of income, and they can only approve applicants who could comfortably repay the full credit limit within 3 years.

Most other countries allow banks to instantly approve people with a good credit rating (ie aren't already in debt) and only assess whether you could make the minimum repayments, not pay back the full debt.

 

[Rembrandt]

I stopped getting AU credit cards because the fees are high and the signup process is ridiculous with so many questions and then all the documentation you need for proof of income like having to upload bank statements and payslips. I’ve never had to do that for any of UK cards I’ve applied for.

I've only ever needed to provide my pay statements e.g. 3 months worth. However, I'm an Australian citizen with a good full time salary so I guess I'm treated differently to someone that may be self employed, works part time, casual or even permanent resident.

 

[Doctore1003]

Is this the first round of cuts?





From: Credit card rewards points slashed up to 50% ahead of surcharge ban

 

[MEL_Traveller]

well, I guess consumers will vote with their feet?

If surcharges were paying or subsidising all these points opportunities, better to get rid of them.

 

[Mr_Orange]

The joys of a credit card with no annual fee, no points, no nothing actually. It's so refreshing and stress free.

 

[LondonAussie]

I never understood why Australian credit cards have such high fees. I’ve got 5 UK credit cards, none have fees.

 

[Mr_Orange]

I never understood why Australian credit cards have such high fees. I’ve got 5 UK credit cards, none have fees.

The complete and utter lack of competition means that the Big 4, who own most of the smaller players, can do as they please and the Australian Public can go hang as far as they care.

 

[clifford]

Australia is a cash cow, always has been, and its residents seem generally happy to go along with it. So why change the formula?

 

[dajop]

I never understood why Australian credit cards have such high fees. I’ve got 5 UK credit cards, none have fees.

In Singapore standard for a miles fee earning card is $180+GST annual fee. For most cards you either pay that and get 10,000 KF miles or ring or go into app and request “annual fee waiver” (automated process) and get no miles. Only one card of mine doesn’t have that, so I just pay the fee - 2c/mile which is ok (and 2 Priority Pass visits as well). There are other rebate focussed cards (no miles) that have lower fees and premium cards that come with all sorts of benefits that are much higher.