Read, Watch or Listen

Visa and Mastercard unveiled a proposed settlement in their nearly 20 year fight with merchants over interchange fees, reshaping the honor all cards rule. If approved, retailers could refuse higher tier rewards cards or add surcharges, while receiving a 10 basis point fee cut for five years and 1.25% processing on standard credit transactions for eight years. Merchant groups swiftly opposed the deal, calling it inadequate and urging congressional action. The networks say it offers clarity and consumer protections. The settlement excludes American Express and debit cards and still faces court approval.

Prepared by Christopher Adams and reviewed by editorial team.