Mastercard and Visa are preparing to raise credit card fees in a move that could cost merchants an extra half a billion dollars a year, according to the Wall Street Journal.
The hikes are set to come in October and April, with many of the rises targeting online transactions, says the Journal, citing sources and documents.
Consulting firm CMSPI says the rises could add $502 million a year to merchant costs. In 2022, US merchants paid Visa and Mastercard $93 billion in credit card fees, according to the Nilson Report.
Shares in both card giants rose by more than one per cent on the report.
In March, a US federal appeals court upheld a $5.6 billion antitrust class-action settlement stretching back nearly 20 years between 12 million retailers and Visa and Mastercard over interchange fees.
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- Source: https://www.finextra.com/newsarticle/42865/visa-and-mastercard-plan-credit-card-fee-increases—wsj?utm_medium=rssfinextra&utm_source=finextrafeed
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