Visa and Mastercard announced a settlement Tuesday that could end a lawsuit that started in 2005, when businesses accused the credit card companies of charging unnecessarily high interchange, or swipe, fees.
Visa and Mastercard reached a landmark $30 billion settlement that will limit credit and debit card fees for merchants, with some savings likely to be passed on to consumers.
Credit card giants Visa and Mastercard have agreed to a deal to cap swipe fees in an antitrust settlement that could end up saving merchants some $30 billion.
Two of the world’s largest credit card networks, Visa and Mastercard, as well as the banks that issue cards with them, have agreed to settle a decadeslong antitrust case brought upon by merchants.
Visa and MasterCard announced a settlement with U.S. merchants related to swipe fees, a development that could potentially save consumers tens of billions of dollars.
The deal could save merchants $30 billion over five years. It would also allow them to adjust prices based on the costs of accepting different credit cards.
Visa Inc. and Mastercard Inc. agreed to cap credit-card swipe fees — a deal that US merchants say will save them at least $30 billion over five years — in one of the most significant antitrust settlements ever as they seek to end a legal fight that spanned almost two decades.
A proposed settlement between Visa and Mastercard and merchants on swipe fees promises savings, but it may also alter the economics of premium credit cards.
Visa Inc. and Mastercard Inc. have agreed to cap credit-card swipe fees -- a deal that U.S. merchants say will save them at least $30 billion over five years -- as they seek to end a legal fight that spanned almost two decades.
Visa and Mastercard reached a settlement with U.S. merchants this week that could have some trickle-down effects for consumers if the deal is approved. The agreement would lower credit card
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Mastercard and Visa agree to lower swipe fees in antitrust suit settlement | Since Then
