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Visa and Mastercard settle for $30 billion, benefiting merchants

CNBC — March 26, 2024, 03:00 PM UTC

Summary: Visa and Mastercard settled for $30 billion to limit card fees, benefiting merchants and potentially lowering consumer prices. The antitrust settlement, one of the largest in U.S. history, resolves claims dating back to 2005. The agreement includes reducing interchange rates by 0.04% for three years, capping rates for five years, and removing anti-steering rules. Small businesses make up over 90% of the settling merchants.

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Timeline:

  1. [5.0]
    Credit card interchange fees reduced, benefiting retailers and consumers (The Points Guy)
    32d

    ScoresSource
  2. [6.3]
    Visa and Mastercard settle to lower credit card fees (The Associated Press)
    32d

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  3. [4.5]
    Visa and Mastercard settle $30 billion antitrust case with merchants (CNN)
    33d
    Summary:Source
  4. [4.4]
    Visa and Mastercard settle antitrust case, reduce swipe fees (CNN)
    33d
    Summary:Source