Visa and Mastercard plan to eliminate the “honor all cards” rule, but merchants may still find it difficult to reject premium cards

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Visa and Mastercard plan to eliminate the “honor all cards” rule under a settlement agreement that still awaits final approval from a federal judge. In theory, merchants would be able to choose to accept some bank cards while charging surcharges on higher-fee cards. Citing American Express CEO Stephen Squeri and merchant payment consultants, the article says that rejecting specific bank cards could lead to consumer dissatisfaction and friction at checkout, while premium credit card transactions typically generate greater sales, meaning the rule change may have limited practical value for merchants.