Visa and Mastercard agree to reduce fees for using their cards: businesses and customers will save millions. The agreement reached between the largest banks that issue credit cards in the US will put a limit on their commissions, which are currently between 1% and 3%.
The law firm that announced the deal estimated the value of the savings in processing fees at nearly $30 billion. The out-of-court settlement stems from a lawsuit filed in 2005 alleging that merchants paid excessive fees to accept Visa and MasterCard credit cards.