Anti-steering provision
From ACT Wiki
Payments - cards - charges - contracts between card providers and merchants.
“Anti-steering” is a practice by which a credit card company prohibits a merchant from encouraging consumer cardholders to use another - usually cheaper - credit card company’s card.
An anti-steering provision is a related clause in the contract between the credit card company and a merchant.
- Visa, Mastercard reach $30 billion settlement over credit card fees
- "Visa and Mastercard reached an estimated $30 billion settlement to limit credit and debit card fees for merchants, with some savings likely to be passed on to consumers through lower prices.
- The antitrust settlement... is one of the largest in US history, and if it receives court approval would resolve most claims in nationwide litigation that began in 2005.
- Some critics believe it may not go far enough, saying the savings would be temporary and fees would remain high.
- Merchants have long accused Visa and Mastercard of charging inflated swipe fees, or interchange fees, when shoppers used credit or debit cards, and barring them through "anti-steering" rules from directing customers toward cheaper means of payment."
- Reuters - 27 March 2024.
See also
- Anti-trust
- Contract
- Credit card
- Debit card
- Interchange fee
- Mastercard
- Merchant
- Payment
- Payments and payment systems
- Processing fee
- Remittance
- Scheme fee
- Visa
