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A proposed Visa-Mastercard settlement would allow merchants to reject high-reward credit cards, potentially leading to declined transactions at checkout for some consumers.

Cards like Chase Sapphire Reserve could be declined if merchants opt out, or customers may face surcharges to cover higher processing fees.

Major retail groups oppose the settlement as inadequate, saying the temporary fee reductions and card discrimination rules fail to address long-standing merchant concerns.

Visa and Mastercard have proposed a settlement in their long-running legal dispute with merchants and retailers over how much they charge merchants to accept their cards.

The most important part of the s

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