Visa, Mastercard may allow retailers to charge customers more to use credit …
News from San Jose Mercury News:

Retailers will be able to charge their customers more for paying with credit cards under the terms of a multibillion-dollar settlement announced late in the day Friday.

MasterCard, Visa and major banks, including JPMorgan Chase and Bank of America, agreed to pay more than $ 6 billion to settle accusations that they engaged in anticompetitive practices in payment processing.

The settlement is the culmination of a lawsuit brought in federal court on behalf of roughly 7 million merchants in 2005. Merchants said that the companies engaged in price-fixing to charge high fees for processing credit and debit card payments.

In addition, the merchants claimed, the payment processors unfairly banned stores from compelling their customers to use less expensive methods of payments like cash and checks.

“Our decision to settle is based on our belief that MasterCard and our stakeholders are best served by an amicable resolution,” Noah Hanft, MasterCard’s general counsel, said in a statement.

Joseph Saunders, the chief executive of Visa, reiterated that the settlement was in the best interest of all the parties. Together, MasterCard and Visa have agreed to pay $ 5.2 billion.

As part of the settlement, MasterCard and Visa additionally agreed to reduce the charge to process transactions for eight months. That fe…………… continues on San Jose Mercury News

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Credit cards and college students can be a dangerous mix
News from USA TODAY:

CHICAGO – Parents of college-bound students have a decision to make as offers stream in for their soon-to-depart teenagers.

  • By Paul Chaplin, AP

    Dickinson College senior Cameron O’Connor works on a paper on the school’s Carlisle, Pa., campus in May 2012.

By Paul Chaplin, AP

Dickinson College senior Cameron O’Connor works on a paper on the school’s Carlisle, Pa., campus in May 2012.

Should they send their freshmen off to campus armed with a debit or credit card to learn how to handle money? Or is it better to keep firm control through the Bank of Mom and Dad?

The “correct” answer will vary by family and personal preference.

The Credit Card Act that took effect 2½ years ago made it much harder for anyone under 21 to get a card. Gone are the days of card issuers racking up scads of new customers on campus by handing…………… continues on USA TODAY

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