Bloomberg: "Visa Inc. and Mastercard Inc. agreed to cap credit-card swipe fees — a deal that US merchants say will save them at least $30 billion over five years — in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades."
"The deal, which is subject to court approval, also would allow retailers to charge consumers extra at checkout for using Visa or Mastercard credit cards and use pricing tactics to steer customers to lower-cost cards, according to a statement Tuesday from attorneys representing the merchants."
View From The Wing notes that this "will not have a material impact to credit card rewards."
If you're curious how this impacts the push by some members of Congress to wreck credit card rewards, don't expect this to stop that push. He notes that "It does undermine the case for Durbin-Marshall legislation to limit card interchange although retailers will argue that it does not – when I debated the law’s main lobbyist/proponent in November, he conceded that the legislation was just a start and they would keep pushing for more."
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