Earlier this week, we told you that a settlement in a huge lawsuit between merchants and Visa and MasterCard was in the offing and that it could open the door to retailers tacking on surcharges to credit card customers. Well, that settlement has come to pass, meaning you may soon be paying more for the privilege of using your credit card.
The settlement will pay a huge $6 billion payout to the group of plaintiff retailers, which includes grocery giants Kroger and Safeway. The two credit card companies will also, at least temporarily, reduce fees to merchants.
But the biggest thing for consumers is that the settlement will alter the Visa and MasterCard's longstanding policies against merchants adding a credit card surcharge or charging customers more than the price for a cash purchase.
More details to come.
by Chris Morran via The Consumerist
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