Visa, Mastercard Propose New Settlement on Card Fees

On November twelfth, a significant development emerged in the long-running legal battle between Visa, Mastercard, and merchants. The payment giants have proposed a new settlement regarding the fees merchants pay to accept credit cards. This agreement could change how customers use their cards, potentially leading to some high-reward credit cards being declined at checkout. The honor all cards rule, which requires merchants to accept all versions of Visa and Mastercard products if they accept any, could be altered, allowing merchants to differentiate between card tiers. However, major retail groups have already voiced strong opposition, arguing that the proposed fee reductions are insufficient and the changes to the honor all cards rule dont go far enough. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.