Mastercard Inc. has announced plans to hike certain credit card fees starting April 15, just days after the company, alongside Visa Inc., reached a $30 billion settlement over swipe fees. Bloomberg reports that the move comes despite efforts to provide relief to retail businesses.
The card company intends to raise its network “assessment” fee from 0.13% to 0.14%, translating to a projected annual increase of $259.1 million. The figures are based on Mastercard’s transactions, which surpassed $2 trillion last year. These details were disclosed by the Merchants Payments Coalition, a group of retailers in Washington advocating against higher payment fees. Documents shared with Bloomberg Law revealed the impending fee hike. Retailers argue that any fees levied on banks eventually trickle down to them.
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