Merchants agree to lower credit card swipe fees

Many people should pay less for using a credit card moving forward.

Mastercard and Visa say they’ve settled a class action lawsuit with merchants.

Action 9′s reported on the case before. It involved the “swipe fees” you pay when you charge something. Usually, it’s about 1 to 3% of the charge. It’s why sometimes, you probably see signs inside stores telling you it’s cheaper if you pay cash.

But Mastercard and Visa have agreed to trim those fees. According to multiple national reports, it could save consumers $30 billion.

In the meantime, our Jason Stoogenke is sharing advice to combat credit card debt:

  1. Don’t be afraid to negotiate.  See if your credit card company will give you a better rate.
  2. If you have a major purchase coming up, you may want to open a new credit card, one offering 0% interest.  Just make sure you read the fine print.
  3. Consider consolidating your debt with what’s called a “balance transfer” credit card.

(WATCH BELOW: ‘I celebrated’: How a Matthews woman says she erased $45,000 in credit card debt)