The first time the Reserve Bank of Australia regulated interchange fees on your credit card they believed it would be good for consumers. They were wrong! The cost of banking increased and many Australian consumers were unintentionally harmed. Now the RBA is proposing to cap interchange fees even more despite the fact consumers are not asking for it! If this happens, it could lead to less fraud protection, increased banking costs, shorter grace periods and higher interest rates – for no good reason.
There is a lot at stake for Australia and the RBA needs to hear it before it is too late. The message is simple. Sign the petition and tell the RBA "DON’T CHANGE MY INTERCHANGE".