Will’s Word: Will the move to ban card surcharges really help?

Did you see the government's announcement? Scrapping card surcharges sounds good, but is it really going to help the cost of living crisis?

No more pesky card fees at the till. A few cents here, a dollar there maybe by the end of the week. It'll no doubt be a welcome change for some of us, especially in a time where every cent counts, there's no denying it, I don't want to diminish that.

But let's not overstate it. The government's making it sound like this is the be-all and end-all, that this is a prized policy. This won't transform households. This won't transform household budgets.

It won't fix rent, food or power bills, which might I add, are sky high. The estimated savings, apparently it's $150 million a year across the country. So that's about $30 a person, which sounds good, again, I don't want to diminish it.

Yes it's fairer, yes it's more transparent, but again $30 for the average person, if you're lucky, for 12 months. It's not going to shift the dial on the cost of living crisis, which continues to rear its ugly head in this country.

Retailers still have to cover the bank fees, so if they can't pass it on through surcharges, come on let's be honest here, let's not beat around the bush, they're going to inflate prices. Small businesses are already squeezed and are arguably going to be suffering most out of this.

Some may even raise prices across the board, others might push for cash use. So maybe it's not progress, maybe it's back peddling. There's also a bit of a zinger into this as well: the ban won't touch online purchases.

Which means you'll still be stung with surcharges online. Is it a big move? Not really. Is it a good move? Arguably. Is it a big win for consumers? Not quite. The cost of living crisis arguably needs bolder answers than scrapping 17 cents.

That's Will's Word.

Listen to Will’s Word on Facebook below.