Credit Card Fees To Rise
Some large merchants may pay higher fees when they accept consumer credit cards. After postponing interchange fee increases for two years due to the pandemic, Visa and Mastercard are scheduled to up some charges in the next month.
Interchange fees are transparent to consumers. Paid by merchants and received by the bank that issued the card, fees collected are used for fraud prevention and innovation such as consumer-friendly loyalty programs. DCA member Mastercard reports their fees are going down for merchants with transactions below $5, as well as for hotels, casual dining, day care centers and other businesses hit hard by Covid.