Australians lose $200m a year by paying with cards over cash

Financial literacy is not very common at all. It should be taught as a major subject at school and at college.

Reword the headline to “banks pocket $200m from use of cards”

I think many businesses do not pass on the card surcharge because it's cheaper and easier than handling cash. Costs of cash include handling, security, theft, counting, transport, deposit fees, etc.

Pretty small charge compared to 10pct GST. For me it's cheaper to pay the fee. Cash is expensive - change is lost, time to get it, convenience and record of spending. So I don't mind an appropriate surcharge.

Also I wonder how much Visa/Mastercard charges the banks for being their agents?

There should be a flat fee for all CC transactions for both merchants and customers. It doesn’t cost the CC companies any more for a transaction of $2.00 or $200m. Perhaps merchants should also display a certificate of the amount they are charged. Boy would the fees come down.

Banks stealing more money from the people again, put them all in jail and bring on the crypto revolution.

It's not really lost, more like stolen.

But remember if you shop at coles and woolies with cash- you are still paying the fees. Shop at ALDI with cash- no fees.

'Australians lose $200m a year', but someone finding it... Who is looking for lost property? In that case it probably should be AFP and/or Royal commission On the other hand it's okay, since it is Good for banks, good for business, good for economy... isn't it?

isnt it the opposite? because something $19.99 is $19.99 on a card, but $20 with cash

Australians lose - banks win. Don’t fall for the pay by card con, some day you will need cash and a lot of it and you won’t be able to get it. 💵 is king.

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Credit and cash sink as Australians find new ways to payConservative Australian shoppers are winding down their use of cash and credit | swrighteconomy swrighteconomy I have not had any credit card for many many years and don't miss one. I have been all around the world a few times using just my debit card. shucks the banks miss out. swrighteconomy Banks won't hand out credit cards unless you can prove you have a steady income. With most people having to rely on part-time, casual or temporary employment, credit can only fall into obscurity.
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