Page 212 - Mastercard News Today

They agreed to cap credit-card swipe fees in a deal that US merchants say will save them at least $30 billion over five years.

The Texas Children's Houston Open is the final week for players to try to get into the Masters Tournament through the Official World Golf Ranking.

The deal would lower and cap the fees charged by the two companies and allow small businesses to collectively bargain for rates with the payment processors in a similar way that large merchants do on their own now

Excerpt

After nearly two decades of litigation, two major credit/debit card companies are potentially reducing their swipe fee rates

Visa and Mastercard have agreed to cap the so-called swipe fees they charge to merchants that accept their credit cards, as part of a class-action settlement…

Visa and MasterCard have settled a Class action lawsuit that will Pencil out to about $30 billion for US merchants.

Merchants have long accused the payment networks of charging inflated ‘swipe fees’ when shoppers use their cards.

A cap on interchange fees might mean a shift in how consumers earn points on transactions.

Many people should pay less for using a credit card moving forward.