Honor All Cards: The U.S. Credit Card Model Takes a Hit

One of the pillars of credit card acceptance is the network requirement to accept all cards. Credit card issuers build their businesses around a requirement that ensures merchants accept all types of credit cards, regardless of the rewards structure or pricing variability that may affect interchange. Under a recent settlement, it appears that the Honor All Cards rule is being unraveled. This will affect cardholder confidence. Just because a Mastercard or Visa logo is displayed on the door does not necessarily mean that a specific card type will be accepted.

Companies Mentioned: 

Bank of America, Barclays, Chase, Citi, Commonwealth Bank of Australia, Discover, Mastercard, Santander, TD Bank, Visa, Wells Fargo