https://www.cnn.com/2024/03/26/economy/visa-mastercard-swipe-fee-settlement/index.html
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From the article:
The rewards that Visa cardholders currently receive won’t be impacted, Kim Lawrence, Visa’s North America president, said in a statement Tuesday morning.
What I did not see in the linked article was mention of what was reported on the local news at noon today: swipe fees have doubled in the last 10 years. What is the actual cost to the banks of processing the transactions? It isn’t like it was 40 years ago, when I had to call a human operator to get an authorization code for a CC transaction.
But then, “money for nothing” seems to be the “JC” mantra these days.
Steve
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The NYT wrote about that different but the email column is not a link.
Basically the stores can now levy fees on us. In other words raise prices for cards that offer higher rewards.
fair usage from the NYT
What’s in the settlement: Visa and Mastercard said yesterday that they had agreed to reduce swipe fees, costs associated with the use of a credit card, for about five years. Lawyers for merchants who had brought the case estimate that this could save about $30 billion worth of fees.
Perhaps more important, merchants will be able to raise their prices based on the kind of card. For example, buying groceries with a higher-fee card — typically a premium card like the Chase Sapphire Reserve — could become more expensive than paying with a lower-end one.
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My mistake there was an embedded link.