Yesterday, the senate forced the credit card companies to lower the credit and debit card transaction fees and allow merchants to offer discounts based on the payment method people has taken. Almost 60% of the the people voted for this decision which is a major defeat to banks. This change will definitely help people to get consumer benefits who failed to get previous year.17 members supported this and 10 were against it. This vote inserted a new fee requirement in the financial rules. The current practice is Business Owners and Card Companies will have agreements that the credit card companies should pay 2 to 3 percent commissions for each transaction processed to the business owners .
At the same point of time, Credit Card companies also happy about this, as they would force consumers to pay more for their credits. This wuld help large retailers to earn more profits.

Major Credit card companies like MasterCard, Visa, American Expess has said this policy would affect small banks and credit unions. MasterCard argued that similar rule in Australia didn’t fetch any profits to retail customers