2016 card fee changes
- Can I avoid paying this fee?
Synergy offers a number of payment methods for our customers that do not incur a card transaction fee, including Direct Debit and BPay.
- How do you calculate the 0.4708% card fee?
The fee reflects Synergy's estimate of its costs incurred in providing the credit card payment service. The Reserve Bank of Australia (RBA) defines what costs should be used in the calculation of this fee, the main cost being what the financial institution charges Synergy. Synergy will review the fee annually based on the statements that financial institutions must provide to Synergy about what the financial institution charges Synergy.
- I received a 'Credit and Debit card transaction fee refund' on my bill. What is this?
During the transition to the new Reserve Bank of Australia (RBA) surcharging practices, customers paying their bill via Visa and MasterCard Credit and Debit cards were charged the old fee of 0.53%. This has now been rectified and from 21 October 2016 the new reduced fee has been applied. The refund that appeared on your bill was the difference between what you paid (0.53%) and what you should have paid (0.4708%) from 1 September and 20 October 2016.
- What exactly is the card fee change?
Synergy has reduced the current ‘Credit/debit card transaction fee’ from 0.53% to the rate of 0.4708% for every Visa and MasterCard Credit and Debit card transaction.
- When is the card fee change effective?
The change is effective 1 September 2016.
- Why are costs incurred by Synergy when a customer chooses to pay their bill via Visa and MasterCard Credit and Debit cards?
Synergy incurs extra costs when a customer chooses to pay their bill via Visa and MasterCard Credit and Debit card. Different payment methods can have very different costs. Costs included in the transaction fee are those specified by the Reserve Bank of Australia (RBA), such as what the financial institution charges Synergy.
- Why have Synergy reduced their credit and debit card surcharge?
The Reserve Bank of Australia (RBA) announced changes to the surcharging practices on Visa and MasterCard Credit and Debit card payments for Australia. These changes are effective from 1 September 2016.
- Why is the fee different for an American Express card?
Each card type incurs different fees from the issuer of the card. The American Express transaction fee is currently 1.68% and has experienced no change following RBA announcement.
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