"Landmark Settlement: Visa and Mastercard's $30 Billion Swipe Fee Agreement"

Visa and Mastercard have reached an agreement to reduce credit card swipe fees for merchants, potentially saving them $30 billion. These fees also fund credit card rewards programs, leading to concerns about the future of travel loyalty programs. The proposed settlement would cap fees for five years and allow merchants to charge consumers more based on the card they use. The reduction in fees, though seemingly small, could amount to $30 billion over the five-year term, potentially leading banks to reduce points perks on premium credit cards.