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Thread: The R.B.A. and credit card fees.

  1. 4th December 2015, 07:47 AM #1
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    The R.B.A. and credit card fees.

    RBA lets banks off the hook on credit card fees | The New Daily
    I’m pretty sure the dinosaurs died out when they stopped gathering food and started having meetings to discuss gathering food

    A bookshop is one of the only pieces of evidence we have that people are still thinking
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  2. 4th December 2015, 07:55 AM #2
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    i might be misunderstanding something
    but if you dont like the fee's, dont sign up?
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  3. 4th December 2015, 08:24 AM #3
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    Quote Originally Posted by Eevo View Post
    i might be misunderstanding something
    but if you dont like the fee's, dont sign up?
    You should read the article, to understand the content
    I’m pretty sure the dinosaurs died out when they stopped gathering food and started having meetings to discuss gathering food

    A bookshop is one of the only pieces of evidence we have that people are still thinking
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  4. 4th December 2015, 08:46 AM #4
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    Quote Originally Posted by bob10 View Post
    You should read the article, to understand the content
    so the article title is misleading then.
    Current Cars:
    2013 E3 Maloo, 350kw
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    Previous Cars:
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    2002 VY SS Ute, 300kw
    2002 Disco 2, LS1 conversion
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  5. 4th December 2015, 08:54 AM #5
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    I'll help you out a bit. The rest is up to you.

    The Reserve Bank of Australia has handed the major banks an early Christmas present, worth at least $500 million a year, after deciding not to cut the average interchange fee on credit card transactions.

    The draft decision was announced on Thursday along with a string of planned reforms aimed at overhauling fees on credit and debit cards.

    Consumer advocates were disappointed by the announcement because the RBA had been expected to force banks to slash so-called interchange fees on most credit card payments from 0.5 per cent to 0.3 per cent.
    I’m pretty sure the dinosaurs died out when they stopped gathering food and started having meetings to discuss gathering food

    A bookshop is one of the only pieces of evidence we have that people are still thinking
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  6. 4th December 2015, 09:01 AM #6
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    ive read the article and my original comment still stands.
    Current Cars:
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    2002 Disco 2, LS1 conversion
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  7. 4th December 2015, 09:08 AM #7
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    Excellent! You would have read the paragraph " what are interchange fees ", so now we can move on
    I’m pretty sure the dinosaurs died out when they stopped gathering food and started having meetings to discuss gathering food

    A bookshop is one of the only pieces of evidence we have that people are still thinking
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  8. 4th December 2015, 09:21 AM #8
    Battler
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    Paying with a debit card to be cheaper

    While that is true; yesterday I booked a flight and there was no option to pay with a debit card (or at least I could't find one). So I copped a $.7.70 credit card fee.

    I guess the real question is why the RBA didn't cut the interchange rate?
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  9. 4th December 2015, 10:00 AM #9
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    Quote Originally Posted by Battler View Post
    I guess the real question is why the RBA didn't cut the interchange rate?
    cause the people who benefit from it not being cut have a lot of control over the RBA
    Current Cars:
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    2002 Disco 2, LS1 conversion
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  10. 4th December 2015, 10:24 AM #10
    Battler
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    Quote Originally Posted by Eevo View Post
    cause the people who benefit from it not being cut have a lot of control over the RBA
    And it's not just the RBA they have control/influence over.

    I guess it's the same reason why the RBA didn't cut the cash rate this month. At the moment we have the lowest level of business investment for a long time (8 years I think). Admittedly this is largely due to the mining sector scaling back.

    If business doesn't invest it won't grow, the economy will stall and unemployment will rise.

    The other interesting thing is, if you take mining out of the equation Australia would then be in recession. And some are saying we are only halfway through the mining downturn!

    So why didn't the RBA cut the cash rate to stimulate the economy this month; or indeed last month?
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