Visa, Mastercard propose card-acceptance changes

Visa and Mastercard proposed a national class‑action settlement that would let merchants refuse higher‑tier rewards cards or add surcharges to cover their higher fees, a shift from the networks’ long‑standing “honor all cards” rule. The deal also includes a temporary 10‑basis‑point cut to swipe fees for five years and sets standard transactions at 1.25% for eight years; major retail groups oppose the proposal, which still requires court approval, meaning Twin Cities shoppers with premium rewards cards could eventually see declines or surcharges at checkout if it’s finalized.