Popular credit card companies agreed on a settlement that could potentially save consumers billions.

Some New Yorkers are eligible for a one-time payment following a $ 5.6 billion credit card settlement.

Visa And Mastercard Reach Settlement With Merchants Over Fees

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Any New York merchants that accepted Visa or Mastercard between Jan. 1, 2004, to Jan. 25, 2019, may be eligible for a share of a $5.6 billion class action settlement.

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The settlement is called the “Payment Card Interchange Fee Settlement.”

The settlement comes after an antitrust case from retailers against Visa and Mastercard for allegedly conspiring to fix high “swipe fees,” which were said to cover processing, while imposing rules that prevented merchants from steering customers to other payment methods.

These fees were about 1 to 2 percent of the purchase price. The settlement forces credit card companies to cap the fee over the next five years, and then negotiate a new "swipe fee" with merchants.


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It's alleged that the credit card companies made billions for the additional "swipe fee" paid by merchants.

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