visa

Business
6:54 am
Sat July 14, 2012

$6B Deal Eases Credit Card Surcharge Restrictions

Originally published on Mon July 16, 2012 3:54 pm

Transcript

SCOTT SIMON, HOST:

Visa, MasterCard, some of the nation's other largest banks have agreed to a multibillion dollar settlement of a class action suit involving credit card transaction fees. Now, those are what merchants pay when you use plastic instead of cash. Retailers allege that the two largest payment networks conspired with the banks to keep so-called swipe fees high. NPR's Wendy Kaufman reports.

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The Two-Way
5:00 pm
Fri July 13, 2012

Visa, MasterCard Come To More Than $6 Billion Settlement With Retailers

Originally published on Fri July 13, 2012 8:31 pm

Visa and Mastercard have announced that they will pay retailers more than $6 billion to settle several class-action and individual lawsuits retailers have filed since 2005.

According to a Wall Street Journal story from earlier this month, the settlement stems from complaints that Visa and MasterCard, the largest card-payments networks in the world, prohibited retailers from imposing surcharges to customers using those credit cards.

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