(ABC 6 News) – Paying with a credit card could soon get cheaper, thanks to a historic new agreement on “swipe fees.”

A $30 billion settlement with Visa and Master Card will put a limit on credit card fees assessed to merchants.

Prior, those fees were generally passed onto the customer.

“This should make it easier to pay with a credit card because what they will do now is probably not charge a surcharge on the price,” said Ron Shevlin, a chief research officer at Cornerstone Advisors. “But give discounts for those issuers and banks and networks that give them a better deal.”

According to a Nilson report, card swipe fees have more than doubled over the past decade.

In 2023 alone, a total $160 billion in fees were paid to card companies.