Changes from Oct 1st. What you may not know.
Many of you are aware that Amex has voluntarily agreed to abide by the new surcharging rules come Oct 1st. Businesses will no longer be able to surcharge customers for the use of Amex.
What many of you aren't aware however, is that whilst the major banks will be capped by the government on how much they charge businesses, Amex will not be.
Amex has sent a letter to all its merchants saying that they won't be reducing the fee they charge businesses. The major banks WILL be reducing the fee as it is being capped by the government to reduce the pressure on small business.
This means we are likely to see a huge number of businesses no longer offering Amex as it will no longer be financially viable for them, especially our small local businesses who are aleady being squeezed tight.
So less opportunity to earn points and another question mark as to whether the exorbitant annual fee is actually worth it in Australia.