Looks like we consumers will not be affected much by the adjustments in the way fuel is sold with credit cards at petrol stations.
Banks have agreed to reduce the charge imposed on credit card transactions at petrol stations by 0.3 percent to 0.95 percent. It was previously 1.25 percent. Petrol companies have also agreed to increase commission of 6.17 sen per 1 litre of petrol to 6.66 sen. Commission for diesel will go up from 2.05 sen to 2.44 sen per litre.
However, banks will stop giving bonus points to petrol purchase transactions for their credit card customer loyalty programs to offset the loss in revenue with the 0.3 percent cut in transaction charge.
The bottom line: Prices remain same for petrol purchase using credit cards, but you won’t get credit card reward points for them (this does not mean Bonuslink and Real Rewards).