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Visa and Mastercard Hikes Merchant Fees

Mastercard and Visa are preparing to increase the fees that many large merchants pay to them. These fees were pushed back because of the pandemic, and it has been two years since both companies held back. The increase is set to be in effect next month.

Interchange fees will take the bulk of this increase that the merchants will shoulder as shoppers use the cards. These fees go to the banks that issued the cards, not Visa or Mastercard.

What this means is those big companies, including big online gaming sites like GGBet Casino, will be affected. Shoppers are not aware of these fees, but the fees have already grown over the recent years.

These fees ballooned because many banks offer rewards and perks. These things, like free airfare, carried higher fees. Unbeknownst to the users, there is a rule that card providers set, called the “honour all cards” rule. It means that merchants cannot refuse a type of Visa card if they are accepting Visa in the first place.

Merchants in the US paid both Visa and Mastercard $55.4 billion in this type of fee in 2021. These fees are taking a toll, despite Visa and Mastercard passing some of the burdens to merchants. As a result, many merchants are now charging consumers extra if the buyer uses a card.

This fee is not without its benefits. Merchants are able to accept payments from customers despite the absence of cash. It was the credit card system that helped merchants whether the pandemic. The fees that both companies charge also helped in the prevention of fraud.

According to a spokesman of Mastercard, their focus is to make the environment safe and secure and at the same time advance the interests of all parties.

Visa and Mastercard Cut Links to Russia

Credit cards by Visa and Mastercard issued by Russian banks will no longer work after March 9. The Russian Central Bank made this announcement last Sunday, and they also said that some banks might work with other systems, especially those that come from China.

Despite this, the cards will still work if they were used in Russia. Only international payments are impacted. The overseas ban also applies to local subsidiaries of foreign banks that are in Russia.

This announcement came out as many US and European companies are expressing their support for Ukraine. Many companies have severed their business links with Russia amidst the military crisis.

The Russian Central Bank said that many local banks are planning to work with China. Specifically, they are looking at Union Pay as an alternative. Union Pay is like Visa and Mastercard, and it has enabled a payment system for 180 countries.

There are thousands of Russians currently stranded abroad as the airspace is closed to Russian aircraft. Russia, meanwhile, retaliated by banning flights to other countries from foreign airlines.

This announcement is a game-changer. No matter what happens to the war, it is not likely that Visa and Mastercard will get a footing again in Russia once Union Pay begins to take their financial positions.

On top of this, American Express is suspending its operations in Russia and Belarus. This move is in consonance with their previous action, which was putting a halt to their financial relationships with Russia.

The largest non-state lender in Russia is Alfa-Bank JSC. It is currently working with Union Pay so it can send replacement cards to its bankers.

American Express Offers Mid-sized Loans 

American Express is bumping up its offerings in its personal loan segment. The new loan offers APRs that range from 6.91% to 19.97%. There is no interest rate discount if the payments are made with Autopay.

The APR is higher if one compares it with other banks and lenders. However, one big difference is that the interest rates are fixed. They will not fluctuate despite the economic situation until the borrower has paid the loan.

In addition to this, borrowers who have a high credit score will also get lesser interest rates. Given this, a lot of people are interested in knowing what standards American Express is looking for. However, American Express will not divulge this information.

Those interested in availing of a personal loan must be an American Express cardholder. There are no insurance benefits or perks to this loan or with Amex cards. One good thing to note is the flexibility in terms of payments.

Those who borrowed can make payments online. They can use the Autopay system, but they also have a choice to mail their checks.

There is no application fee when one applies for a loan. The company will also not charge prepayment penalties or fees for paying off the loan sooner.

People must pay attention to the late payment fee of $39 if the payment was made after the due date. If the funding method does not have enough money to cover the monthly dues, the same will happen.

Of course, American Express will report late payments to certain credit bureaus if the borrower is always late or defaulted on the loan.

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