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Author Topic: Wal-Mart sues Visa for $5 billion... fight could lead to lower gas prices Back to Topics
PD

Moderator
Message Posted: Mar 28, 2014 12:48:07 PM

Wal-Mart this week filed a massive lawsuit against credit card processor Visa Inc. for $5 billion, alleging Visa maintained high card swipe fees. This comes after Wal-Mart and many other retailers opted out of a class action settlement between other retailers against Visa and Mastercard.

The implications could be far reaching: certainly credit card fees eat into gas station profits, and arguments high swipe fees lead to higher gasoline prices are plausible.

Many retailers have since opted out of the class action settlement against Visa and MasterCard that was approved in December, saying the settlement doesn't bring down the costs of swipe fees, or the fees Visa and MasterCard charge to retailers and gas stations to process...

Visit GasBuddy Blog for full article
REPLIES (newest first) Post a Reply
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ToddsPhone
Champion Author Wilmington

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Message Posted: Apr 4, 2014 9:47:09 AM

Okay
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 4, 2014 5:58:23 AM

RTN: most of the cost is charged to the merchants. Many larger companies absorb that as part of the "business expenses" if possible.
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RTN
Rookie Author South Carolina

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Message Posted: Apr 3, 2014 11:33:15 AM

It seems pretty obvious that the credit card companies are ripping off the public. They could reduce the transaction fees and still make a fortune.
Even those that say they don't like Wal-Mart, for some reason, would have to agree that overall, Wal-Mart is helping to reduce costs to the public, while providing better than average jobs, considering pay and benefits, to a huge number of people.
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JOHNJOEYJOE
Champion Author Texas

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Message Posted: Apr 3, 2014 7:18:04 AM

What a joke. This is the pot calling the kettle black. Waally Worlds profits are falling so they got to go after one of their cohart's in crime.
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 3, 2014 5:55:01 AM

punai: whatcha think Walmart falls under in terms of big corps? Did you know that about 15% of Walmart employees earn so little they fall below the poverty line and are eligible for food stamps?
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Tundralimited2009
Champion Author Dallas

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Message Posted: Apr 3, 2014 2:04:20 AM

good luck
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Punai
All-Star Author Lansing

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Message Posted: Apr 2, 2014 11:08:54 AM

In this case I hope that walmart wins. I'm tired of big corps taking advantage of things and of things like 1000% profits are robbery plain and simple!
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ToddsPhone
Champion Author Wilmington

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Message Posted: Apr 2, 2014 9:57:12 AM

Okay
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 2, 2014 5:58:16 AM

mag: Wallyworld may win, but spreading it around...? Seriously doubt it!
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rocknvox
Champion Author Bakersfield

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Message Posted: Apr 2, 2014 12:42:27 AM

sick'em
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magpie2013
Champion Author Milwaukee

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Message Posted: Apr 1, 2014 5:29:24 PM

I don't care for Wal Mart but if they are charging them those kinds of fee's hope they win and spread it around.
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 1, 2014 5:54:15 AM

time will tell... sooner than later, we won't use cards anyways. Will there still be a swipe fee then?
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Kinglemuel
All-Star Author North Carolina

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Message Posted: Mar 31, 2014 7:49:44 PM

Dont know enough details to know. Hopefully the judges involved will make the right call, based on a proper interpretation of the law.
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Costello
Champion Author South Dakota

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Message Posted: Mar 31, 2014 4:08:29 PM

Be better for ALL businesses!!!
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tutaw
Champion Author Kentucky

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Message Posted: Mar 31, 2014 2:43:13 PM

hope so but still hate wal-mart
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NO_SWEAT
Champion Author Toronto

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Message Posted: Mar 31, 2014 1:10:37 PM

Ancient post.
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tomok
Champion Author Portland

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Message Posted: Mar 31, 2014 11:28:09 AM

Wal-Mart sues Visa for $5 billion... alleging Visa maintained high card swipe fees. Lower swipe fees could lower credit prices at the pump OR for stations that charge one price, they could consider lowering their prices. The drop in swipe fees could save motorists and retailers billions over the course of several years.
****The likelyhood of retailers lowering their prices, with reduced swipe fees, is Not gonna' happen. They will keep their new found profits and NO additonal savings for the customers.
**Dream On Princess! It's a fairy tale for sure....
***Credit Cards paid off every month, NO additional fees, Cash Back Credit Cards Only!
Drive vehicles with high mpg, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
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Digger52
Champion Author Chicago

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Message Posted: Mar 31, 2014 11:19:09 AM

Old news . . . .
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skybiker
Champion Author South Carolina

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Message Posted: Mar 31, 2014 11:11:59 AM

Bankers are all thieves...
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RedskinGas
Champion Author Tennessee

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Message Posted: Mar 31, 2014 11:05:34 AM

I doubt this will change anything for the average driver.
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BigMoney65
Champion Author Wisconsin

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Message Posted: Mar 31, 2014 11:04:43 AM

old move on
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Discovery02
Champion Author Colorado Springs

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Message Posted: Mar 31, 2014 11:04:00 AM

Likely will be of no benefit to the average consumer at all, just a benefit to the corporate bottom line.
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Boilermat
Champion Author Indiana

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Message Posted: Mar 31, 2014 11:03:51 AM

old
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mac007
All-Star Author Charlotte

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Message Posted: Mar 31, 2014 11:03:44 AM

old
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Car54BC08
Champion Author British Columbia

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Message Posted: Mar 31, 2014 11:02:49 AM

Another repeat
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Kaiyne
Champion Author Chicago

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Message Posted: Mar 31, 2014 11:02:37 AM

OK.
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captngasTN
Champion Author Tennessee

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Message Posted: Mar 31, 2014 11:02:30 AM

next please
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ladyvoodoo
Champion Author Michigan

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Message Posted: Mar 31, 2014 11:01:40 AM

Extremely old news
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gravityhurts
Champion Author North Carolina

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Message Posted: Mar 31, 2014 10:57:54 AM

Interesting...lower gas prices. HA-HA!
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goblueia
Champion Author Iowa

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Message Posted: Mar 31, 2014 10:56:59 AM

Ok
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dgarz01
Champion Author Illinois

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Message Posted: Mar 31, 2014 10:56:56 AM

ok
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HATinMUNDY
Champion Author Michigan

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Message Posted: Mar 31, 2014 10:56:17 AM

ok
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SK08
Champion Author Oregon

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Message Posted: Mar 31, 2014 10:54:06 AM

Good news but old.
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TWS658
Champion Author Portland

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Message Posted: Mar 31, 2014 10:53:43 AM

Oh, well.
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ntass1
Champion Author Edmonton

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Message Posted: Mar 31, 2014 10:53:42 AM

Old News
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PizzaMon
Champion Author Philadelphia

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Message Posted: Mar 31, 2014 10:53:28 AM

OK
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Ferdman17
Champion Author Albany

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Message Posted: Mar 31, 2014 10:49:47 AM

Old News
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IMLURCH
Champion Author Minnesota

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Message Posted: Mar 31, 2014 10:48:40 AM

Old story. Move on.
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MoWhite
Champion Author Salt Lake City

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Message Posted: Mar 31, 2014 10:47:47 AM

Ok
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LostAgain2009
Champion Author New Mexico

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Message Posted: Mar 31, 2014 10:47:09 AM

For how long will this remain on the front page?
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danpend
Rookie Author Lexington

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Message Posted: Mar 31, 2014 10:46:49 AM

Okay, WalMart. Good luck. Hope you win!
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jscargo411
Veteran Author Mississippi

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Message Posted: Mar 31, 2014 10:46:21 AM

ok
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8ballnd
Champion Author North Dakota

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Message Posted: Mar 31, 2014 10:45:14 AM

ok
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GoBlazers
Champion Author Washington

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Message Posted: Mar 31, 2014 10:45:00 AM

Old
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cwebfly
Champion Author Ventura

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Message Posted: Mar 31, 2014 10:44:19 AM

Deja vu all over again...
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arnerator
Champion Author Seattle

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Message Posted: Mar 31, 2014 10:44:12 AM

Mighty big numbers. Even if they win, we'll never see a dime of it.
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nvwarped
Champion Author Corpus Christi

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Message Posted: Mar 31, 2014 10:42:53 AM

ok
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RC_RACER
Champion Author Tacoma

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Message Posted: Mar 31, 2014 10:42:16 AM

THIS IS OLD NEWS.
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davisadm
Champion Author Los Angeles

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Message Posted: Mar 31, 2014 10:41:35 AM

It won't bring down prices. If they succeed in this lawsuit and the fees are lowered, the difference will be pocketed by the oil companies and not passed on to the consumer.
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stealthvan
Veteran Author Seattle

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Message Posted: Mar 31, 2014 10:39:10 AM

It would be nice if it brought down gas prices but I'll believe it when I see it
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