Changes to interchange fee structure and rates

Visa and Mastercard have recently made changes to their Interchange Rates.

From 1 December 2019

• Visa Credit Platinum will be reduced from 0.69% to 0.68%.
• Mastercard Credit Consumer Elite will be reduced from 0.80% to 0.78%.
• Mastercard Credit Consumer Super Premium will be reduced from 0.80% to 0.78%.

Visa Credit Rewards will be increased from 0.66% to 0.68%.

This change only affects Interchange Plus pricing merchants.

Your cost of accepting payments using these card types may change from 1 December 2019.

Decreased costs

Your cost of Acceptance should decrease on cards with a reduced Interchange Rate. This applies to the following cards:

• Visa Credit Platinum
• Mastercard Credit Consumer Elite
• Mastercard Credit Consumer Super Premium.

Increased costs

Your cost of Acceptance should increase on cards with an increased Interchange Rate. This applies to the following cards:

• Visa Credit Rewards.

You don’t need to do anything.

The interchange fee will automatically be applied to Visa and Mastercard transactions from the 1st of December 2019.

Depending on the card mix, acceptance merchants could see an impact to their Cost of Acceptance.

The new Interchange Rates will be applied to your merchant statements and will show your cost of acceptance based on the new rates.

Interchange Fees information is published by the schemes online and information is to be updated on 1 December 2019.

These rates can be found on the links below:

Visa

Visa interchange on Domestic Transactions in Australia

Mastercard

Understanding interchange