Selected taxi firms 'making millions from excessive credit card transaction fees'

Selected taxi firms 'making millions from excessive credit card transaction fees'

Some companies have been overcharging consumers in terms of credit card fees, one consumer group has revealed.

Selected taxi firms are making a lot of money from charging excessive credit card transaction fees, one industry expert has said.

Choice spokesman Christopher Zinn noted that particular companies have been making millions by ensuring consumers must pay over the odds to use their credit cards, ABC News reports.

He added: "It is a gouge. It is a revenue stream. We say that's not right, that's not fair, but it is actually competition and disclosure which is the best way to keep a lid on that."

These comments come after the group released a report revealing many customers are not aware when they are being ripped off in terms of excessive Aussie credit fees and sometimes consumers do not know how much extra they are paying.

Last week, figures from the Reserve Bank of Australia noted the value of charge and credit card transactions was lower in September than August.

The value of charge and credit card transactions was lower in September compared to August, figures have revealed.

According to data from the Reserve Bank of Australia - which increased the official interest rate by 0.25 per cent to 4.75 per cent earlier this month - there was $20.362 billion worth of business completed in September, below the $20.708 billion figure recorded one month beforehand, resulting in a 1.7 per cent drop, the Australian Associated Press reports.

However, the value for September 2010 was up by five per cent compared to the same time last year.

Other findings showed that the average Aussie credit card balance increased 3.7 per cent to $3,262 in September, while Eftpos transactions were worth $13.555 billion in the month, up from $13.343 billion in August.

What's more, the yearly rise in balances outstanding was 5.9 per cent, just over half the average annual growth of ten per cent.

POST COMMENT

The Impact Of Applying For Credit Cards On Your Credit Score Www.Chase.com /Chase Credit Cards And Payment Three Hours in Line, Two Drunken Uncles, and a Maxed-Out Credit Card Limit Unsecured Loans No Credit Check: Feasible Monetary Option IVA - A way to deal with credit card debts Can I Fix My Credit? The Credit Crunch And What It Means For Investments Unsecured Loans Bad Credit Get Money With Nothing To Give In Return Fair Credit Rating Loans: Assistance For One Who Has Fair Credit Status Free Credit Report Without Card Details: Available Without The Credit Card Getting High Limit Credit Cards For Bad Credit Free Credit Score Check: The Borrower Should Check His Credit Score Bank Account For Adverse Credit - Valuable Option For People