XLF - Mastercard Set to Increase Credit Card Fees Adding Millions in Costs for Retailers After Visa Settlement | Benzinga
Mastercard Inc (NYSE:MA) looks to raise specific credit card fees starting April 15, a move that comes shortly after announcing a $30 billion settlement with Visa Inc (NYSE:V) over swipe fees aimed at providing financial relief to retailers.
The network “assessment” fee will increase to 0.14% from 0.13%, which translates to an additional $259.1 million in fees based on last year’s transactions exceeding $2 trillion, as the Merchants Payments Coalition reported.
This coalition, advocating for lower payment fees, disclosed the fee hike, emphasizing that such ...