In 2003, the Reserve Bank of Australia regulated interchange fees on your credit card and chances are you didn't even know it. Consumers were unintentionally harmed as a result and now the RBA wants to regulate again. This time consumers could LOSE even more.

Watch the video. Sign the petition. Tell the RBA you don't support more regulation. Changing interchange hurts consumers!

Millions of Australians rely on their cards for emergencies and convenience. Cards are the vital link to the digital world we live in today. But what you might not know is that interchange fees help pay for the benefits that give you peace of mind that your credit card is both protected and widely accepted. These are just some of the key benefits consumers could lose.

Ability to use cards online and in stores
Fraud protection and security
Money is restored in full, if it's stolen
Provide access to credit
Help financially stressed people participate
Interest free credit for up to 55 days
Help keep credit card interest rates low

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".

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Does interchange regulation negatively affect consumers? Yes. The research has been done. The facts speak for themselves.

  • "Interchange fees help deliver increased sales for businesses."
    The Evolution of Payment Costs in Australia
  • "Consumers saw no reduction in prices from merchants, but watched the cost of card fees in Australia increase up to 50 percent."
    Regulatory Intervention in the Payment Card Industry by the Reserve Bank of Australia – Analysis of the Evidence
  • "Cardholders are paying approximately AU$480m each year in additional fees as a result of the RBA’s regulation in 2003 – that’s nearly AU$6 billion!"
    Regulatory Intervention in the Payment Card Industry by the Reserve Bank of Australia – Analysis of the Evidence
See the Evidence

What is Interchange and why should you care? Interchange is a small fee a business pays a bank so it can accept credit card and debit payments. This fee is a critical part of the foundation of the electronic payment system. Not only does it provide a wide variety of benefits to both consumers and businesses, it helps develop economies around the world. The success of electronic payments is dependent upon consumers, merchants and banks participating equally in the payments system. Interchange motivates all participants to keep electronic payments secure, reliable and convenient.

How the electric payment system works on AU$100 transaction

If interchange is regulated again, we all lose again

Evidence shows that if the RBA regulates interchange, the costs currently covered by your banks will be shifted to you! This could lead to higher interest rates, higher annual fees, and shorter interest-free periods.

Sign the Petition