Will Restaurants Lower Their Credit Card Fees In Light of Visa and Mastercard Settlement

I just saw this article in which Visa and Mastercard agreed to pay $30 billion in settlement of an antitrust claim as well as agreeing to lower the fees that they charge their merchants. What this means is that restaurants will pay a lower fee every time you use your credit card to pay a bill.

Restaurants have been saying that the fee (sometimes as high as 3.95%) that they pass on to you as a customer was to offset the fee they paid credit card companies. So the question to you is will our local restaurants lower the credit card fee that they effectively charge you when the restaurant’s merchant fee is lowered.

As a pessimist, I would wager that we will not see any reduction from our restaurants. They will believe that people have that fee built into their thinking so they will leave it as is.

As a result, if restaurants do not lower their credit card fee then this will be a profit center for them. Even though the numbers are small, this will make my blood boil!!!

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