After a decades-long legal battle with merchants, Visa and Mastercard have agreed to settle an antitrust class-action lawsuit over credit card swipe fees, a move that could potentially benefit consumers.
If the deal is finalized and approved by the US District Court for the Eastern District of New York, Visa and Mastercard will reduce swipe rates — also known as interchange rates — by four basis points for three years with no increases in the rates for at least five years.
