Credit card fees unlikely to fall despite rule changes, say experts

By Shaun Drummond
Updated October 14 2014 - 7:13am, first published 12:15am
"We really welcome it for competition and it gives back to MasterCard and Visa the opportunity to select who can participate.": Brent Thomas?, vice-president public policy and corporate affairs for MasterCard. Photo: Andrew Quilty
"We really welcome it for competition and it gives back to MasterCard and Visa the opportunity to select who can participate.": Brent Thomas?, vice-president public policy and corporate affairs for MasterCard. Photo: Andrew Quilty
"We really welcome it for competition and it gives back to MasterCard and Visa the opportunity to select who can participate.": Brent Thomas?, vice-president public policy and corporate affairs for MasterCard. Photo: Andrew Quilty
"We really welcome it for competition and it gives back to MasterCard and Visa the opportunity to select who can participate.": Brent Thomas?, vice-president public policy and corporate affairs for MasterCard. Photo: Andrew Quilty
"We really welcome it for competition and it gives back to MasterCard and Visa the opportunity to select who can participate.": Brent Thomas?, vice-president public policy and corporate affairs for MasterCard. Photo: Andrew Quilty
"We really welcome it for competition and it gives back to MasterCard and Visa the opportunity to select who can participate.": Brent Thomas?, vice-president public policy and corporate affairs for MasterCard. Photo: Andrew Quilty
"We really welcome it for competition and it gives back to MasterCard and Visa the opportunity to select who can participate.": Brent Thomas?, vice-president public policy and corporate affairs for MasterCard. Photo: Andrew Quilty
"We really welcome it for competition and it gives back to MasterCard and Visa the opportunity to select who can participate.": Brent Thomas?, vice-president public policy and corporate affairs for MasterCard. Photo: Andrew Quilty

The government has agreed to abolish the requirement for credit card issuers and processors to have a banking licence, hoping to reduce fees to consumers and merchants.

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