Posted 3/30/2024, 9:15:07 AM
Visa, Mastercard Agree to Temporarily Lower Merchant Fees in $30B Settlement, But Consumer Prices Unlikely to Drop
- Visa and Mastercard agreed to lower merchant fees for 3-5 years in a $30B settlement, but changes likely won't take effect until 2024/2025
- Merchants may be able to charge premiums or surcharges for high-rewards cards under the settlement
- Experts are skeptical merchants will pass down fee savings to consumers by lowering prices
- Changes from the settlement are viewed as temporary, so card issuers are unlikely to alter rewards programs significantly
- Visa stated it plans to maintain rewards and credit access if the settlement is approved
