Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Shoppers Could Soon See Higher Fees for Credit-Card Purchases · 10 Mar 2022 podcast

So Visa and MasterCard are the two largest US card networks. voice-verified

And as networks, one of the things that they do is they set the fees. voice-verified

These fees are called interchange fees. voice-verified

which merchants pay to the banks that issue consumers credit cards every time that consumers go shopping with their credit cards. voice-verified

Generally, the networks will change their fee structure around this time of the year with plans for those changes to kick in, or at least some of those changes to kick in. voice-verified

in April of each year. voice-verified

During the last two years, the companies put many or all of their scheduled fee increases on hold because of the pandemic and the toll that it was taking on merchants. voice-verified

As of now, Visa and MasterCard are planning on moving forward with increases. voice-verified

So this would be kind of the first widespread round of increases voice-verified

fees that merchants pay since the pandemic began. voice-verified

So Visa and MasterCard are not the companies that actually pocket these fees. voice-verified

Interchange fees are pocketed by banks that issue the credit cards that all of us as consumers use. voice-verified

Essentially, what these banks do with these fees, well, at least one of the things that they do with these fees is it helps to voice-verified

fund the rewards programs that are on consumers' credit cards. voice-verified

Think of the cashback rewards or the travel-related rewards, points that people redeem for free airfare, for hotel rooms, or the cashback that we get and we use towards paying off our statement balance. voice-verified

Exactly, exactly. voice-verified

Now, there are different reasons why card companies say voice-verified

that these fees are needed. voice-verified

In general, what the networks say is, look, card fees ultimately go to help for things like covering costs that are related to fraud, to innovation. voice-verified

Think about when a consumer loses their card and has to be replaced with the technology that's embedded within the card, the chip and the technology that allows for tap and go when you pay with your card. voice-verified

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