Last minute credit card fee hikes for businesses and government as surcharge “ban” lands

As the surcharge “ban” comes into effect today, Visa and Mastercard have unveiled hefty hikes to their credit card fees for large and mid-sized merchants in an effort to claw back interchange losses for the issuing banks. Visa’s rates show it’s also targeting Australian governments and the education sector in the price increases, while Australian Payments Plus missed the publication deadline for its new eftpos rates altogether.