Exorbitant credit card surcharges could soon be a thing of the past.

The financial services inquiry led by David Murray is reportedly calling for a ban on all outrageous surcharges on credit and debit card transactions.

Retailers would reportedly be limited to charging consumers 12 cents or 0.5 per cent of the transaction value, whichever is less. Credit:Pat Scala

Instead, retailers would be limited to 12 cents or 0.5 per cent of the transaction value, whichever is less, News Corp reports on Friday.

Many now charge two or three per cent on top of the purchase price if customers pay with credit card.