Visa and Mastercard Settle , Antitrust Suit Over Swipe Fees.<br />The two companies have reached a settlement with American merchants which could "save consumers tens of billions of dollars," NBC News reports.<br />Credit card companies collect <br />swipe fees to enable transactions.<br />These fees are passed on <br />by merchants to consumers.<br />The settlement is a result of a 2005 lawsuit <br />alleging that merchants pay exorbitant fees <br />to accept the companies' credit cards. .<br />In 2018, the credit card companies agreed to pay $6.2 billion in response to the lawsuit, <br />but two issues still needed to be resolved.<br />Those issues pertained to rules imposed by Visa <br />and Mastercard to accept their cards, and merchants who decided not to be included in the settlement. .<br />As part of the recent settlement, credit <br />interchange fees will now be capped into 2030.<br />The fees must also be negotiated <br />with merchant buying groups.<br />Over 90% of the merchants included in the settlement are small businesses, Visa said. .<br />The settlement must be approved by <br />the Eastern District Court of New York <br />but will likely take effect by early 2025
