Card surcharges disappear on 1 October 2026. Tap for a $100 purchase, pay $100. Simple enough, until you ask the question accountant Pete Burrows keeps coming back to: the business still has to pay to process that card, so who ends up wearing the cost? Ben McEachen and Pete sort out what's actually changing on eftpos, Mastercard and Visa, what isn't, and what to watch for at the till.

Key Takeaways:
From October 1st, Australia will implement a ban on surcharges for payments made with Eftpos, MasterCard, and Visa cards.
The policy aims to enhance price transparency, allowing consumers to see the full cost of their purchases at the point of sale without additional surcharges.
Businesses must decide how to handle transaction costs moving forward, possibly through pricing adjustments.
Surcharges for services like Amex, UnionPay, and PayPal will also be removed, expanding the global shift toward reduced transaction costs.
The episode highlights the need for consumers and businesses to stay informed about these regulatory changes and their broader financial impact.

Notable Quotes:
"Technically, that fee is meant to go towards helping the business, but the reality is that business still has costs." - Pete Burrows
"They’re trying to say, look, it's transparency. When you go and pay for something, that’s the full price." - Ben McEachen
"Depending on the size of the business too, they may have different costs." - Pete Burrows
"Most people are using plastic. Really, the question is why should that cost me more every time?" - Pete Burrows
"Amex has traditionally been one of the higher cost cards…that’s a big win." - Ben McEachen

Resources

The RBA's weblink on removal of credit card surcharges here: RBA

https://www.cardsurcharge.com.au/

 

Card surcharges disappear on 1 October 2026. Tap for a $100 purchase, pay $100. Simple enough, until you ask the question accountant Pete Burrows keeps coming back to: the business still has to pay to process that card, so who ends up wearing the cost? Ben McEachen and Pete sort out what's actually changing on eftpos, Mastercard and Visa, what isn't, and what to watch for at the till.
Key Takeaways:
<ul>
<li>From October 1st, Australia will implement a ban on surcharges for payments made with Eftpos, MasterCard, and Visa cards.</li>
<li>The policy aims to enhance price transparency, allowing consumers to see the full cost of their purchases at the point of sale without additional surcharges.</li>
<li>Businesses must decide how to handle transaction costs moving forward, possibly through pricing adjustments.</li>
<li>Surcharges for services like Amex, UnionPay, and PayPal will also be removed, expanding the global shift toward reduced transaction costs.</li>
<li>The episode highlights the need for consumers and businesses to stay informed about these regulatory changes and their broader financial impact.</li>
</ul>
Notable Quotes:
<ul>
<li>"Technically, that fee is meant to go towards helping the business, but the reality is that business still has costs." - Pete Burrows</li>
<li>"They&rsquo;re trying to say, look, it's transparency. When you go and pay for something, that&rsquo;s the full price." - Ben McEachen</li>
<li>"Depending on the size of the business too, they may have different costs." - Pete Burrows</li>
<li>"Most people are using plastic. Really, the question is why should that cost me more every time?" - Pete Burrows</li>
<li>"Amex has traditionally been one of the higher cost cards&hellip;that&rsquo;s a big win." - Ben McEachen</li>
</ul>
Resources
The RBA's weblink on removal of credit card surcharges here:&nbsp;<a href="https://www.rba.gov.au/payments-and-infrastructure/review-of-retail-payments-regulation/2026-03/conclusions-paper/faqs/">RBA</a>
<a href="https://www.cardsurcharge.com.au/">https://www.cardsurcharge.com.au/</a>
&nbsp;

Money: Faith & Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money?

Welcome to the profit, loss and real balance sheet of wherever money intersects with you.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Money: Faith &amp; Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money? Welcome to the profit, loss and real balance sheet of wherever money intersects with you.
Pete Burrows is an accountant for small business and individuals with <a href="https://www.lrf.com.au/">Lower Russell and Farr</a> in Penrith, Western Sydney, Australia. Ben McEachen hosts <a href="https://hope1032.com.au/programs/hope-mornings/">Hope Mornings on Hope 103.2FM</a> in Sydney, Australia.

Money: Faith & Finance

Listen to more from our Hope Podcasts collection at hopepodcasts.com.au. And send the team a message via Hope 103.2’s app, Facebook or Instagram.

This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.

Listen to more from our Hope Podcasts collection at <a href="http://www.hopepodcasts.com.au/">hopepodcasts.com.au</a>. And send the team a message via <a href="https://hope1032.com.au/listen/#apps">Hope 103.2’s app</a>, <a href="https://www.facebook.com/Hope103.2">Facebook</a> or <a href="https://www.instagram.com/sydneyshope1032/">Instagram</a>. This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.

No More Card Surcharges: Who Really Pays For It?

https://api.omny.fm/orgs/258d2f07-1164-48e4-970c-accc0047a4ed/clips/23c8b3cc-3c42-4dbe-9101-b4c800173978/transcript