Anti-steering provision: Difference between revisions
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(Create page - source - Reuters - https://www.reuters.com/business/finance/mastercard-visa-reach-30-bln-settlement-over-credit-card-fees-2024-03-26/#:~:text=NEW%20YORK%2C%20March%2026%20(Reuters,to%20consumers%20through%20lower%20prices.) |
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== See also == | == See also == | ||
* [[ | * [[Anti-trust]] | ||
* [[Contract]] | * [[Contract]] | ||
* [[Credit card]] | * [[Credit card]] | ||
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==Other resource== | ==Other resource== | ||
*[https://www.reuters.com/business/finance/mastercard-visa-reach-30-bln-settlement-over-credit-card-fees-2024-03-26/#:~:text=NEW%20YORK%2C%20March%2026%20(Reuters,to%20consumers%20through%20lower%20prices | *[https://www.reuters.com/business/finance/mastercard-visa-reach-30-bln-settlement-over-credit-card-fees-2024-03-26/#:~:text=NEW%20YORK%2C%20March%2026%20(Reuters,to%20consumers%20through%20lower%20prices. Visa, Mastercard reach $30 billion settlement over credit card fees - Reuters - 27 March 2024] | ||
Visa, Mastercard reach $30 billion settlement over credit card fees - Reuters - 27 March 2024] | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
Latest revision as of 02:38, 9 May 2024
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
