When the RBA's surcharge ban lands on 1 October, one name keeps slipping through the fine print: Amex. It volunteered to drop surcharges, sure. But it also dodged the actual rules everyone else has to play by. Now the banks have noticed — and they are not happy about it.

What's happening?

From 1 October, the ban applies to the three designated card networks: eftpos, Mastercard and Visa. These are formally regulated — the RBA sets the rules, and they follow. Amex, UnionPay and PayPal have also announced they'll drop surcharging. But here's the catch: none of them are subject to formal RBA regulation.

Why? Because Amex is a 'three-party' network. There's no issuing bank on one side and acquiring bank on the other — American Express is both ends of the transaction. No interchange fee changes hands. And no interchange regulation applies.

Why it matters

Merchants have paid for that structure for years. Amex's merchant fees are famously the steepest around, and the RBA's own consultation paper — published back in June — flags the 'regulatory asymmetry': Amex sets its own economics while Visa and Mastercard are pinned down by caps. The RBA even asked for views on whether three-party networks should face equivalent regulation.

That question now has an answer forming. PayDay News reports banks, merchants and even the other card schemes are lining up to urge the RBA to close the gap. Amex's local boss, Corrina Davison, is described as increasingly isolated.

Why it matters to you

This is the rewards story wearing a different hat. From 1 October, the cap on consumer credit interchange drops from 0.80 per cent to 0.30 per cent — the tap that funds your points mostly turns off. Amex, sitting outside those caps, looks like the last network still able to throw points at you. If the RBA brings it inside the tent, watch for one of two outcomes: lower merchant fees (good for businesses), or thinner rewards for anyone chasing points with a Platinum card in their wallet.

My take

The ban was sold as a straight consumer win — no more card surcharge Australia-wide. But it's quietly re-opening a bigger fight about who gets to charge what, and who gets to say so. Amex dodged round one by volunteering. Round two, it may not get a choice.

Happy dining! G