NewsBite

Credit cards

October

Cynthia Scott has navigated Zip Co back towards growth after rising interest rates in 2022 crunched the company’s valuation.

Zip banks on interest rate cuts as transaction volumes soar

The buy now, pay later group has endured a difficult two years and returned to growth, particularly in the US, where the majority of sales are processed.

  • James Eyers

Payment giants threaten to halt refunds for fraud

The two payment network giants have threatened to stop providing refunds to defrauded customers if forced to limit how much they charge for their services.

  • James Eyers
Card payment surcharges are a small but daily cost-of-living irritant.

The surcharge ban must lead to lower payment costs

The policy should instead lead to real downward pressure on payment service providers to cut overall costs. The ban should be the incentive to do so.

  • The AFR View
Treasurer Jim Chalmers late last month. The government said it was open to banning debit card payment surcharges.

Labor to ban debit card payment surcharges

The Albanese government is attempting to ease financial pressure on families ahead of a federal election next year. But the change could hurt small businesses.

  • James Eyers, Lucas Baird and John Kehoe
Jack Gance, chairman and co-founder of Chemist Warehouse.

Chemist Warehouse goes to war with card fees – using QR codes

The pharmacy and retailing giant pays $15 million in transaction costs every year. Now it has signed on to a new NAB-backed system that circumvents them.

  • James Eyers
Advertisement
If the goal is also financial education, a low-limit credit card may be best.

My son is off to uni. Should I give him a credit card for emergencies?

Set clear guidelines around what constitutes an emergency. Does a late-night taxi ride home from the pub qualify?

  • Penny Wise
Australia’s three credit bureaus have become two.

Credit score agencies combine, creating Australia’s newest duopoly

Experian has completed its $820 million acquisition of Illion, which Experian’s CEO says will help banks assess credit risk more dynamically.

  • James Eyers

September

Merchants will soon be able to decide to send an iPhone payment to eftpos to save costs.

Apple, Google respond to payment cost heat by backing eftpos

The US tech giants will enable “least-cost routing” for new cards on their smartphones to try to help merchants save costs by avoiding Visa and Mastercard.

  • James Eyers
The US Justice Department plans to allege that Visa illegally monopolised the US debit card market.

US to sue Visa over debit card fees

The US Justice Department is preparing to file a lawsuit against the payments giant over alleged anticompetitive behaviour.

  • Lauren Hirsch and David McCabe
There are a few tricks to follow when it comes to picking the best card.

Perks, points and fees: How to choose the right credit card

Understanding the four credit card types will help you make smart choices.

  • Lucy Dean
xx

RBA ‘punching itself’; Surcharging rort; Power couple offer villa

Read everything that’s happened in the news so far today.

Why you pay $5.08 for a $5 coffee

The notoriously complex area of retail payment costs is in the political spotlight, and set to force a response from the central bank. Here’s how it works.

  • James Eyers

August

NAB boss Andrew Irvine, at the House of Representatives economics committee hearing in Canberra on Friday morning.

Bank boss outraged by 10pc transaction fee for coffee

The Reserve Bank is already scrutinising the growing practice of adding a fee to the cost of a purchase to cover the cost of processing the transaction.

  • James Eyers
The cost of paying with a credit card has come under considerable scrutiny as the prevalence of surcharges increases.

Mastercard argues cash costs more than card in bid to stymie fee limit

A Boston Consulting Group report commissioned by the global payments giant has found there are plenty of “hidden” costs to using cash, which could be reduced.

  • James Eyers
Zip CEO Cynthia Scott.

Zip nails comeback, predicts huge US transaction growth

Zip shares took a breather after a strong run driven by its pivot to profitability.

  • James Eyers
Advertisement
The RBA is reviewing merchant payment costs and surcharging.

Card payment surcharge billions under RBA microscope

The RBA has brought forward an inquiry into card payment costs amid increased political scrutiny of the estimated $4 billion that Australians pay in fees each year.

  • Updated
  • James Eyers

July

Attorney-General Mark Dreyfus will announce the overhaul on Monday.

Labor reveals personal bankruptcy overhaul

The threshold for involuntary bankruptcy will rise to $20,000 and Attorney-General Mark Dreyfus will also launch consultations for a mini-bankruptcy regime.

  • Ronald Mizen

June

Treasury’s consumer data right could unlock insights from banking and energy data.

Mastercard’s call to save open banking

If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.

  • James Eyers
Apple Pay will come under RBA regulation when the PSRA bill is passed.

RBA flags BNPL fee crackdown in broader probe into credit cards

The central bank’s head of payments says it will launch a review of regulations as soon as it is handed the power to do so under new legislation in parliament.

  • Updated
  • James Eyers
ANZ is deepening its partnership with Apple.

Apple to drive iPhone users towards buy now, pay later loans

The global technology giant will upgrade Apple Pay to bring buy now, pay later-style payment options to the point of sale. ANZ is the first major bank to join up.

  • James Eyers

Original URL: https://www.afr.com/topic/credit-cards-hop