I am writing as your constituent to express my deep concerns about a plan by the Reserve Bank to increase costs on consumers.
Under the Reserve Bank’s proposal to ban premium credit cards through imposing a cap on interchange fees, credit card interest rates and annual fees will go up, while reward points and interest rate fees will go down.
The RBA already tried this in 2003, and as a result we were slugged with billions of dollars in extra fees. Now the RBA wants to make this even worse. Like millions of Australians, I rely on my credit card – and I simply can’t afford even higher fees.
Businesses are the ones who benefit from the fraud protection and other services that interchange fees bring. The RBA shouldn’t give into their lobbying and pass the buck onto my family and me.
I strongly urge you to stand up for consumers and speak out against further regulation of interchange fees.
I look forward to hearing from you.