Jim Chalmers claims removing card surcharges will ease cost-of-living pressures. But will you be better off?

Consumers will enjoy more transparency around prices, but some might be worse off because businesses and banks could hike prices or find other ways to recoup the lost surcharge revenue. Photograph: Barclaycard/PA

Credit card rewards are likely to fall and businesses could hike their prices when Australia ends debit and credit card surcharges in October.

The reforms announced by the Reserve Bank on Tuesday will have ripple effects across the whole payments system. Here’s what you need to know.