A PYMNTS Company

US: Amex boosts Visa, MC interchange offer

By  |  February 9, 2014

A federal judge Friday has accepted Amex’s offer to allow merchants to impose surcharges on credit cards and encourage customers to use debit cards to avoid higher swipe-fees. Amex made the offer to settle a proposed class action case brought by retailers.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Visa and MasterCard had agreed to a similar concession to retailers as part of their $5.7 billion interchange fee settlement with merchants. But merchants weren’t allowed to surcharge Visa and MasterCard unless they surcharged Amex too under the terms of the settlement. With the Amex settlement retailers will be able to surcharge all card brands.

    Some reports say the move will encourage consumers to use debit cards instead, which charge retailers lower fees.

    The court scheduled a September 17 hearing for final settlement approval.

    Full Content: Businessweek

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.