Credit card interchange fees reduced, benefiting retailers and consumers

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.