(Bloomberg) — Visa Inc. and Mastercard Inc. are planning a raft of changes to rules for gas stations to allow larger transactions after a surge in fuel prices across the U.S. made it hard for some drivers to fill up using credit cards.
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Many gas stations have a $125 limit for Visa transactions at the pump because larger transactions trigger higher fees for certain cards, as well as additional liability in the event of fraud. In recent months, that’s forced some customers — those who drive large SUVs in states with high fuel prices, for example — to pay using two transactions to top off their tanks.
Starting next month, the San Francisco-based company will quadruple the maximum transaction amount that carries better interchange rates for purchases made with small-business and commercial cards, according to a document seen by Bloomberg. Visa will also raise the fraud-liability threshold to $175, according to a person familiar with the matter. Taken together,…
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2022-04-01 20:43:45
