If you have visited any of the Disney Theme Parks and Resorts or the Disney Store and ShopDisney, you more than likely used a Visa or Mastercard to pay for any magical experiences or products. But with those innumerable transactions come transition fees, and the Mouse House is once again taking the stance of many other companies that believe that the two companies have such a strong hold on the market that they essentially establish a fixed price on those transaction fees resulting in the need to charge customers higher prices.
According to The New York Times,
“Disney filed an antitrust lawsuit against Visa and Mastercard that is an offshoot of a 2005 lawsuit against the credit card companies over interchange fees, which they charge merchants for every transaction and pay to the bank that issued the card…Disney claims that Visa and Mastercard used corporate maneuvering to shroud their hold on the industry.”
This latest suit also stems from a $6 billion settlement in 2012 in which an agreement was reached for Visa and Mastercard to reduce their charges for eight months. But many lawmakers said that the concessions were insufficient, and it is speculated that Disney is attempting to push for more money, achieve better terms with the card companies, or both. 2022 has been filled with Guests complaining about Disney’s price increases across the board on top of the skyrocketing inflation across the country, so it could be speculated that this suit is intended to help mitigate the rise in prices felt by Park Guests and retail customers.
Today, Visa and Mastercard make up over 80% of the debt purchase volume, making them a dominant force in the industry. For years, Disney has partnered with companies like Chase to offer special Visa credit cards that give Guests special perks during their Disney Parks vacation.
We at Disney Fanatic will continue to update our readers on Disney news as more details come to light.