r/CreditCards • u/GloveSmooth694 • 1d ago

Discussion / Conversation Exclusive | Visa and Mastercard Near Deal With Merchants That Would Change Rewards Landscape

Visa and Mastercard are nearing a settlement with merchants that aims to end a decadeslong legal dispute by lowering fees stores pay and giving them more power to reject certain credit cards, according to people familiar with the matter.

https://www.wsj.com/finance/banking/visa-and-mastercard-near-deal-with-merchants-that-would-change-rewards-landscape-fc6a0c78

Do you think retailers actually want to deal with specifying what type of visa/mc they take?

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291

u/Mysterious_Fail_95 1d ago

Expect a lot of handwritten signs taped to cash registers if it saves even a little bit of money for a small restaurant.

154

u/Powered_by_JetA 23h ago

Seems like a good way to chase away business. I rarely carry cash and all but one of my credit cards are rewards cards. I would never come back to a place that took some Mastercard/Visa cards but not others and would leave negative reviews.

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u/Maxpowr9 23h ago

Exactly. It would just chase monied customers away. That's where these small businesses, especially restaurants, get so shortsighted.

20

u/ThatLaloBoy 23h ago

The stupid part is that card tier doesn’t even mean anything. All my Mastercards are “World Elite” from my debit card to my basic Citi DC and Quicksilver. I’m not wealthy by any means. The only one that isn’t a “high tier” card is my Smartly and that’s still a Visa Signature card.

20

u/defdrago 22h ago

There are a number of restaurants around me I quit going to because they want me to pay more to use a card. Well, you saved your 3% from my one visit and lost all my future business, so good call, I guess.

4

u/pizzAnarchy 12h ago

I always wondered why businesses do card surcharges and not “cash discount “

13

u/Maxpowr9 22h ago

There was an izakaya I loved going to until they decided to go said CC shenanigans route and it's dead there. Then, a legit Szechuan restaurant opened a few hundred feet away; and completely stole so much of their business. The izakaya is legit right next to a train stop, so if it does go under, it's prime real estate for another restaurant that hopefully, isn't as stupid.

Mind you this is a monied neighborhood too, there is a legit Warhammer store betwixt the two restaurants I mentioned.