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Credit card interchange fees reduced, benefiting retailers and consumers

The Points Guy — March 27, 2024, 02:00 AM UTC

Summary: After nearly 20 years, major credit card issuers agreed with retailers to lower interchange fees. Retailers could save billions over five years. Visa and Mastercard will reduce rates by 0.04% for three years and 0.07% over five years. This agreement may eliminate the need for the Credit Card Competition Act. The Electronic Payments Coalition supports the settlement, emphasizing fair treatment for businesses. Senator Durbin still pushes for the Act.

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Timeline:

  1. [6.3]
    Visa and Mastercard settle to lower credit card fees (The Associated Press)
    47d

    ScoresSource
  2. [4.5]
    Visa and Mastercard settle $30 billion antitrust case with merchants (CNN)
    47d
    Source
  3. [4.4]
    Visa and Mastercard settle antitrust case, reduce swipe fees (CNN)
    47d
    Source
  4. [6.6]
    Visa and Mastercard settle for $30 billion, benefiting merchants (CNBC)
    47d

    ScoresSource