MasterCard and Visa to Increase Rates in April

MasterCard and Visa have announced an increase in interchange rates effective April 1.

According to American Booksellers Association affinity partner Bank of America Merchant Services, the overall rate increase amounts to .04 percent. Credit card processors are now adjusting and/or increasing their rates to accommodate this change.

ABA members participating in the Bank of America program will receive a notice explaining the .04 percent rate increase in their next statements.

Additionally, Bank of America noted that there are new requirements and categories within the MasterCard -- The World rewards card program. Merchants will now see World -- the basic reward card; World Enhanced; World Elite; and World Elite Business. All of the Reward cards -- both in the Visa and MasterCard rate structures -- carry a slightly higher cost.

Among the benefits of the Bank of America credit card processing program are a minimal application fee; no statement fee; no monthly minimum; no charge or shipping costs for supplies; no annual fee; and reduced costs on preferred equipment. (Learn more.)

ABA members participating in the Bank of America credit card program may address questions to Paula Kelly, vice president, BA Merchant Services, at [email protected] or ((860) 466-4474.