Coming Soon to a Store Near You

Don’t know if you’ve heard yet but last month a settlement was reached in what has been called the largest antitrust settlement on record, credit card companies agreed to pay more than $6 billion to settle lawsuits from retailers claiming that the card issuers engaged in anti-competitive practices. In addition, the settlement (awaiting the judge’s approval) would free merchants to charge a fee for use of a credit card. As state laws in in New York, California, Texas and seven other states (accounting for over 40% of transaction volume,) prohibit such surcharges, the effect of the agreement, if approved, will not impact many consumers. In addition, credible industry experts say that many stores will not elect to implement a two tier pricing structure for fear of alienating customers.

Read the full story at ABC News http://abcnews.go.com/Business/credit-card-settlement-consumers/story?id=16789414

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