2.2% fee for Student Card Top Up
Chris Hui 0

2.2% fee for Student Card Top Up

Chris Hui 0 Comments
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Student card top up fee charged from mystudentaccount.com.au reaches 2.2%, which is much higher than the recommended from RBA, and even higher than general business transactions.

The RBA has said that as a guide, payments through the domestic eftpos system (used to process payments from debit cards) are usually quite low, mostly below 0.5 per cent. Accepting a Visa or MasterCard debit transaction may cost a business around 0.5 -1 per cent of the transaction value.

Credit cards usually have a higher cost for businesses, and may cost the business up to 1-1.5 per cent for Visa and MasterCard, and between 1.5-2 per cent for an American Express card payment.

Shall we do something to stop this?

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iPetitions is powered by everyday people — not corporations. With nearly 50 million signatures, we've helped spark change in local communities across the globe. We don't take corporate money. We rely on people like you.