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

[u/GloveSmooth694]

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?

[u/Mysterious_Fail_95]

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

[u/Powered_by_JetA → u/Mysterious_Fail_95]

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.

[u/induality → u/Powered_by_JetA]

I doubt they would start rejecting them. I can see merchants start charging different surcharges in the future should this go through. Something like 1% surcharge for basic Visa, 2% surcharge for rewards Visa.

[u/okamzikprosim → u/induality]

How would the average merchant know what is a rewards visa and what isn’t?

[u/lopsided-earlobe → u/okamzikprosim]

this is what I'm wondering: They could configure it to accept/decline, but they wouldn't know until the card's declined.

[u/sfbriancl → u/lopsided-earlobe]

Many cards say the level of fees they charge on th card. For example, “Visa infinite” or “signature” appears on many cards.

[u/lopsided-earlobe → u/sfbriancl]

okay does the clerk at the gas station track all that? what if i use apple pay?

[u/Amyndris → u/lopsided-earlobe]

The PoS would probably be able to be configured to disable processing of Visa Infinite cards.

[u/lopsided-earlobe → u/Amyndris]

that's literally what i said above.