Though there are multiple class action lawsuits in place against the card brands, the particular litigation addressed in the March 26, 2024, settlement carries industry-wide implications. Per the settlement, Visa and Mastercard have agreed that, interchange rates will lower rates by 4 basis points for the next 3 years.
Keeping an eye on Credit Cards in Congress
Should the CCCA bill pass, there will certainly be available savings on credit card fees from the forced competition, but this will also require significant planning. Adding a second routing option is not as easy as just toggling a switch.