Visa, Mastercard Reach Settlement in 20-Year Feud: What This Means for Shoppers and Merchants

Under the agreement, merchants would be allowed to turn down premium rewards cards, which typically carry higher processing fees.

A credit card decal displayed on the window of a business in San Rafael, Calif., on Feb. 7, 2024. Justin Sullivan/Getty Images

Visa and Mastercard reached a $30 billion settlement on Nov. 10 following a 20-year lawsuit alleging anticompetitive behavior.

The new agreement between the credit networks would provide merchants with flexibility, more options, and “meaningful relief.”