March 2021 - What’s changing?

Mastercard and VISA are making changes to their interchange rates effective 1 March 2021. Mastercard are amending 7 rates for Credit and VISA are amending 2 rates for Credit.

Mastercard

Card type Old rate New rate

Consumer Elite—Other Card Present

Old rate

0.770%

New rate

 0.800%

Consumer Super Premium— Other Card Present

Old rate

0.750%

New rate

0.780%

Consumer Premium—High Spend—Other Card Present

Old rate

0.740%

New rate

0.780%

Consumer Standard— Tokenized Contactless

Old rate

0.300%

New rate

0.310%

Consumer Standard—Other Card Present

Old rate

0.200%

New rate

0.210%

Consumer Standard— Tokenized Online

Old rate

0.200%

New rate

0.210%

Consumer Standard—Other Card Not Present

Old rate

0.200%

New rate

0.210%

 

VISA

Card type Old rate New rate

Credit Platinum

Old rate

0.680%

New rate

0.710%

Credit Rewards

Old rate

0.680%

New rate

0.700%

 

 

What does this mean for you?

Interchange rate structure changes will impact Interchange Plus pricing merchants. Your cost of accepting payments via these card types may also change.

What do you need to do?

You don’t need to make any changes. The interchange fee will automatically be applied to Mastercard and VISA transactions after 1 March 2021  . This change will be reflected in your March statement. 

How this affects your cost of acceptance

Depending on the card mix your business accepts, you could see an impact to your 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.

Where can you find out more about interchange fees?

Interchange fees information is published by Mastercard and VISA online. This is due to be updated from 1 March 2021.

These rates can be found at:

Mastercard interchange, opens in new window

VISA interchange, opens in new window

Want to know more?

Visit our interchange categories definitions page for more information.

 

Contact us

Request a call back

Let us help you with your business banking needs.

Call us

Call us for your general enquiries about business banking.

Visit a NAB branch

Use our locations tool to find business banking services.

Important information