The Visa-Mastercard settlement announced this week, if approved by the court, could trigger the biggest disruption in premium credit cards since their invention. Not because of the fees merchants can now charge, but because it shatters the psychological illusion that made Americans happily pay annual fees as high as $895 for a piece of plastic.
The settlement allows merchants to do two things that violate everything we know about consumer psychology: refuse premium cards entirely, or charge different fees based on which card you use. Your Chase Sapphire Reserve might be declined at your favorite restaurant. Your Amex Platinum could cost you 3% extra at the grocery store.
The Death of
Could Credit Card Surcharges Trigger A Mass Exodus From Premium Cards?
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