Macquarie Bank stops credit card rent payments following surcharge ban

Following a ban on credit card surcharge fees and reforms to Australia’s payment systems, Macquarie Bank has announced it will no longer accept card payments on its DEFT platform. The platform processes approximately 1.2 million rent transactions monthly, and advocates warn that tenants who rely on credit to pay rent could face arrears due to the lack of a “like-for-like solution” for these customers.

The changes are part of broader Reserve Bank reforms, including a lowered cap on interchange fees. In addition to Macquarie, the Australian Taxation Office has also stopped accepting credit card payments.

Beyond rent, the reforms are impacting the broader banking sector. Banks have begun reducing credit card sign-on bonuses, reward point earnings rates, and associated benefits such as complimentary travel insurance. While the Reserve Bank estimates the surcharge ban will save consumers $1.6 billion annually and reduce bank revenue by $660 million, the immediate impact on payment accessibility for specific sectors remains a concern.