WSJ What’s News
A Settlement in a 20-Year Legal Fight Could Make it Harder to Use Your Rewards Credit Card
10 Nov 2025
Chapter 1: What is the main topic discussed in this episode?
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Chapter 2: What major change is happening with rewards credit cards?
Got one of those rewards credit cards? Well, merchants could stop accepting them.
We're definitely entering a new era of credit card rules that could impact most, the vast majority of credit cards with rewards programs out there.
Plus, there's a possible end to the government shutdown that has Democrats furious at defectors within their own party.
Chapter 3: How will merchants be affected by the new credit card settlement?
And Hollywood may be struggling to bounce back after the pandemic, but IMAX is booming. It's Monday, November 10th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Do you have one of those premium rewards cards like the JPMorgan Chase Sapphire Reserve? Well, stores could soon be rejecting them.
That's because of a settlement between merchants and Visa and MasterCard in a legal fight over credit card swipe fees that dates back two decades. Anna Maria Andriotis, who covers the banking sector for the journal, is here to talk about what this deal means for merchants, banks, and the rest of us.
So, Anna Maria, should consumers be worried that these popular credit cards won't be accepted in a lot of places?
Possibly. And I say that because it's a complicated question. We're definitely entering a new era of credit card rules that could impact most, the vast majority of credit cards with rewards programs out there.
So let's back up for a second. What was this case about?
Much of this comes down to interchange fees. So every time that consumers pay with a credit card, the merchant pays the bank that issued your credit card what's called an interchange fee. These fees vary, but they're often between 2% to 2.5% of the purchase price. Merchants pay tens of billions of dollars
In these fees, every year, these costs have been rising so much for merchants because more and more consumers have switched from cash and debit cards to credit cards. Two, it's because more and more people are shopping with rewards cards. And it's because credit cards with rewards have higher interchange fees than credit cards that don't have rewards programs.
So this legal settlement has enabled merchants to reject some of these cards if they want to. But have they said that they won't take rewards cards?
For decades, Visa and MasterCard have had what they call an honor all cards rule. What this rule has said is, merchant, if you accept one Visa credit card, you have to accept all Visa credit cards. What this settlement has done if it's approved by the court, is it essentially says to merchants, okay, we're creating three buckets of acceptance for credit cards.
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Chapter 4: What does the new settlement mean for consumers using rewards cards?
Those installations are so large that they're able to cover China's electricity demand growth on their own. So that's what's happening inside China. And it's just been this titanic shift that few people saw coming, actually, when the Paris Accord was signed in 2015. Overseas, China has been flooding global markets with these products as well.
So developing countries all around the world have really been turning to solar and batteries in particular as, in some cases, the least costly choice for installing power generation. It's sort of a double-edged sword for the West because they haven't been able to compete in many of these technologies. And so the entire world is relying on China for a lot of this stuff.
So the Paris Agreement called for world governments to try to limit global warming to the rise of 1.5 degrees Celsius since the Industrial Age. Where do those goals stand now?
Global emissions are still rising. China's emissions are plateauing maybe, maybe starting to fall. It's unclear. But emissions in some other countries are still rising. So most people think 1.5 degrees is out of reach without some insane economic catastrophe striking the globe. Under two degrees, even that is going to be tough.
But the emergence of China, the new market dynamics of clean energy does make this at least under two degrees possible.
That was WSJ reporter Matthew Dalton. Thank you, Matthew.
Thanks a lot, Alex.
And finally, in the movie business, the hot ticket is IMAX. The box office overall has struggled to recover from the pandemic, but everyone wants IMAX. Its share of domestic and global tickets are at record highs, and its worldwide box office is on track to exceed $1.2 billion this year for the first time. Take Mission Impossible The Final Reckoning.
When it hit theaters earlier this year, the movie made 20% of its first weekend domestic box office from IMAX screens. The movie's star, Tom Cruise, and its director, Christopher McQuarrie, touted the jumbo screen experience in IMAX's own promotional video.
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