> I’m not sure off hand but I believe Australia has interchange caps too. Australia had interchange caps since around 2006, with several subsequent changes for

> I’m not sure off hand but I believe Australia has interchange caps too. Australia had interchange caps since around 2006, with several subsequent changes forcing the rates even lower. I was head of portfolio management for one of the big Aussie credit card companies at the time. Lower interchange fundamentally changed how loyalty products got funded. Annual fees for rewards programs had to be increased. The benefits were cut. High spenders were encouraged to move to products which still attracted higher interchange, etc, etc.