Credit Card Network
The intent of credit card networks is to establish where credit cards can be accepted while also enabling transactions between merchants and credit card issuers. There are four major credit card networks: Visa, MasterCard, American Express, and Discover.
What Does it Do?
The credit card network sets the interchange or “swipe” fees merchants are charged in order to accept a credit card transaction. However, credit card networks do not dictate fees a cardholder pays like interest rates, annual fees, late fees, foreign transaction fees, and over-limit fees.