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The situation is the exact opposite. Previously, Visa and MasterCard prohibited merchants from charging more for credit than cash. It was a term required in all
by dangrossman 14y ago
The situation is the exact opposite. Previously, Visa and MasterCard prohibited merchants from charging more for credit than cash. It was a term required in all merchant account agreements with member banks of those networks. In the federal court settlement, Visa and MasterCard agreed to drop that clause from their contracts. There was no federal law prohibiting surcharges, and you can't eliminate laws through court settlements.