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MasterCard and BofA forge credit card fee deal

MasterCard and Bank of America, the leading retail bank in the US, have agreed a deal where the former will provide pricing discounts on fees in exchange for higher transaction volumes on MasterCard-branded Bank of America cards.

<p>Quoting a SEC filing as its source, ATM has reported that Bank of America will benefit from special rates on fees for using MasterCard&#0039;s authorization, clearing and settlement services on certain supplemental user-pay services in the US.<br /><br />Under the arrangement, MasterCard will provide Bank of America with an annual incentive, based on certain volumes, and will pay a bonus each year when the targeted volumes are met, the ATM article states. <br /><br />However, details of the arrangement have not been released.</p>