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American Express faces a proposed class action lawsuit in Rhode Island federal court, accused of overcharging thousands of U.S. merchants for credit and debit card fees on consumer transactions. The lawsuit involves 5,155 merchants who initially filed individual claims. Visa and Mastercard have reached an antitrust settlement with merchants to reduce interchange fees and allow charging more for expensive cards.
Your margin is my opportunity. From the article: "The settlement would lower those fees by at least 0.04 percentage point for a minimum of three years." Fees on @Aptos for a typical consumer purchase would be about 0.000005 percentage points in total. https://t.co/tiSAbw20og
AmEx has been dealing w/merchants charging consumers extra already, but Visa/MC used to block merchants (although idk if that was enforced much) from charging extra. I wonder if this truly affects anything https://t.co/EO4ueRcAN2
V/MC reached an antitrust settlement with merchants to reduce interchange fees. & allows them to charge more for more expensive cards - they will be able to charge you more for that Chase Sapphire Reserve. It makes sense; I will be curious to see the UX for this change. https://t.co/Lxryjbnbe9