Aussie credit card companies hit out at retailers

Charges can be unfair on credit card users.

Some of the providers of Australia's best credit card details have urged retailers to have a rethink on the charges they impose on consumers for using plastic in their stores.

Data from the Reserve Bank of Australia has found that many shops are charging customers twice as much for using their cards as they are being asked to cough up by banks, reported the Australian.

MasterCard has informed the bank that it believes this is unfair and that retailers are "gouging" the Australian public.

Another firm – Visa – said in a statement: "Surcharging has significant negative impacts on consumers by increasing consumer costs and negatively impacting on rising cost-of-living pressures."

Consumers may find it is beneficial to check out the various charges imposed by retailers before making a decision on where to shop.

CNBC.com recently told how many younger Australians are choosing to save up for their first homes rather than splash out on credit cards.

By Nate Sawyer