Friday, July 13, 2012

Credit Card Issuers Agree to Settlement Over Surcharges

The Wall Street Journal writes Credit Card Issuers Agree to Settlement Over Surcharges .

"Visa Inc. and MasterCard Inc. agreed to pay scores of retailers more than $6 billion to settle a long-running lawsuit in an agreement that also permits merchants to charge higher prices to customers who pay for purchases with credit cards.

The settlement is expected to have wide-ranging implications for consumers, retailers and the card industry. It is also the latest victory for merchants, who have recently logged some significant wins in their efforts to reduce their cost of accepting plastic."

I was recently in NJ and surprised that gas stations were charging different prices for cash or credit. Hadn't seen that in a very long time.

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