Visa and Mastercard agree to lower average credit card interchange fee below 1%

Re:Visa and Mastercard agree to lower average credit card in... by refurb on Friday May 19, 2023 @06:36AM (#35999960)

You realize that contracts can't contain illegal clauses right? They aren't enforceable in any court.

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Re:Visa and Mastercard agree to lower average credit card in... by withinboredom on Friday May 19, 2023 @07:05AM (#36000158)

I thought we already established that it wasn't illegal? You can, however, create contracts that restrict your abilities or for things that are perfectly legal. For example, we can sign a contract that you're no longer aloud to walk, or buy candy. That's a legally enforcable contract.

In this case the contract is that 1) you tell them you're doing this and 2) that it is capped to a certain amount and 3) you are visibly doing it and the customer is properly informed.

These are all pretty reasonable contractual terms, IMHO.

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Re:Visa and Mastercard agree to lower average credit card in... by refurb on Friday May 19, 2023 @07:30AM (#36000403)

For example, we can sign a contract that you're no longer aloud to walk

No, I can't.

If you have me sign a contract that says "refurb agrees to no longer walk in exchange for $50,000", that will not be enforceable in court.

https://blog.ipleaders.in/unenforceable-contracts-what-you-n...

You said "If you want to have fun, you can report them to Visa/MC and watch that go away within a few days.", so no, if they are following the contract terms, it won't go away.

And Visa isn't able to include a blanket ban on surcharges due to changes in the law that would make such a contract illegal and unenforceable.

[ Parent | on HN ]