PURCHASE, N.Y. – MasterCard, the second largest credit card brand in the U.S., confirmed that its recent decision to cut its consumer interchange rate on its branded debit card by 33% reflected the commitment it had made in settling its recent legal fight with retailers. The cuts go into effect August 1. The association also raised the interchange rate on its regular and corporate credit cards by roughly 1%. Promises to cut interchange and to enter into schedule of payments were parts of the settlement announced by both MasterCard and Visa in late April.
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