By Kai Sedgwick
Visa and Mastercard have run up the mother of all credit card bills. The monopolistic payment providers had been embroiled in a long-running lawsuit instigated by merchants protesting their excessive fees. The credit card giants have now conceded defeat and agreed to settle the price-fixing case for a whopping $6.2 billion.
Visa and Mastercard Cop to Running a Card Cartel
Millions of Visa and Mastercard customers enjoy a love-hate relationship with their credit card provider. While the ability to buy goods on credit is undoubtedly convenient, the hidden charges, sporadic service interruptions, and security risks all take their toll. They’re not alone: merchants are equally weary of Visa, Mastercard, and their punitive fees. Unlike the helpless customers, however, the merchants have the ability to do something about it.
Shares in JP Morgan Chase, Citigroup, and Bank of America will form part of the payment proffered by Visa…
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