> It looks like Visa debit fees are about $0.21 + 0.05%. Compare that to cash handling...
Debit fees are that low because of the Durbin Amendment, which legislated caps on debit card fees (amongst other things). Credit card fees are where the real money is made, and the meat of the complaint here.
>>> Credit card fees are where the real money is made, and the meat of the complaint here.
From the DOJ Press Release [0]:
"Justice Department Sues Visa for Monopolizing Debit Markets"
"Filed in the U.S. District Court for the Southern District of New York, the complaint alleges that Visa illegally maintains a monopoly over debit network markets by using its dominance to thwart the growth of its existing competitors and prevent others from developing new and innovative alternatives."
0 mentions of the word "credit"
27 mentions of the word "debit"
I'd love for this lawsuit to be about Credit Card fees, but it appears be limited in scope to debit card fees.
Debit fees are that low because of the Durbin Amendment, which legislated caps on debit card fees (amongst other things). Credit card fees are where the real money is made, and the meat of the complaint here.