2.2% fee for Student Card Top Up
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?