Mastercard and Visa plan to increase credit card fees, The Wall Street Journal reported Wednesday, citing people with knowledge of the matter.
The fees are the ones merchants process when clearing customers' credit cards, and according to the report and records consulted by the newspaper, the fee hikes are scheduled to begin in October and April.
The results of the move will also lift annual merchant fees by $502 million. Neither Visa nor Mastercard commented on the report.
