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Pluralistic: The credit card fee victory is a defeat (28 Mar 2024) – Pluralistic: Daily links from Cory Doctorow

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No trackers, no ads. Black type, white background. Privacy policy: we don't collect or retain any data at all ever period. The headline was pure David and Goliath: America's small businesses had finally triumphed in their 20-year litigation campaign against Visa and Mastercard over price-gouging on fees, and V/MC were going to cough up $30B as reparations: https://edition.cnn.com/2024/03/26/economy/visa-mastercard-swipe-fee-settlement/index.html But if you actually delve into that settlement, the victory gets very hollow indeed. Here's the figure that didn't make the headline: as a part of this settlement, the sky-high fees merchants pay to process your credit-card transaction are going up by 25%: https://www.creditslips.org/creditslips/2024/03/the-proposed-credit-card-interchange-settlement.html The payments system is a hellish complex, rotten cartel, dominated by a handful of firms who have raised their already-high fees by 40% since the start of covid: https://prospect.org/power/202

Today's links The credit card fee victory is a defeat : Small cartels beat large industries every time. Hey look at this : Delights to delectate. This day in history : 2004, 2009, 2014, 2019, 2023 Upcoming appearances : Where to find me. Recent appearances : Where I've been. Latest books : You keep readin' em, I'll keep writin' 'em. Upcoming books : Like I said, I'll keep writin' 'em. Colophon : All the rest. The credit card fee victory is a defeat ( permalink ) The headline was pure David and Goliath: America's small businesses had finally triumphed in their 20-year litigation campaign agains

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