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In December 2023, claim forms began mailing to millions of business owners in the class who accepted Visa and/or Mastercard payment cards during the 15-year class period from January 1, 2004, to January 25, 2019. [3] The claims period was extended from May 31 to August 30, 2024, and further extended to February 4, 2025.
The settlement is in addition to a 2023 financial $5.54 billion settlement between Visa and Mastercard and 18 million businesses that accepted Visa or Mastercard during a 15-year period up to Jan ...
The settlement is set to lower swipe fees merchants pay when customers make purchases using their Visa or Mastercard by $30 billion over five years, according to a press release announcing the ...
A U.S. judge on Tuesday rejected a $30 billion antitrust settlement in which Visa and Mastercard agreed to limit fees they charge merchants who accept their credit and debit cards. U.S. District ...
In the EU, interchange fees are capped to 0.3% of the transaction for credit cards and to 0.2% for debit cards, while there is no cap for corporate cards. [3] In the US, card issuers now make over $30 billion annually from interchange fees. Interchange fees collected by Visa [4] and MasterCard [5] totaled $26 billion in 2004. In 2005 the number ...
Australia has also made changes to the interchange rates on debit cards and has considered abolishing interchange fees altogether. As of November 2006, New Zealand was considering similar actions, following a Commerce Commission lawsuit alleging price-fixing by Visa and Mastercard. In New Zealand, merchants pay a 1.8% fee on every credit card ...
A recent settlement between Visa, Mastercard and the largest U.S. credit card issuing banks and merchants has lowered swipe fees for the next five years, saving money on your monthly credit card...
The Durbin amendment also gave the Federal Reserve the power to regulate debit card interchange fees, and on December 16, 2010, the Fed proposed a maximum interchange fee of 12 cents per debit card transaction, [9] which CardHub.com estimated would cost large banks $14 billion annually. [10]