Visa and Mastercard are proposing a settlement in a long-standing legal battle with merchants over card acceptance fees. The settlement could lead to customers being denied for purchases at checkout. Merchants have been unhappy with the “honor all cards” rule, which requires acceptance of premium reward cards that cost more to process.

Under the proposed settlement, merchants could choose to decline high-reward cards or pass on the cost to customers. This may upset wealthier consumers who enjoy earning points. Merchants would receive a temporary reduction in swipe fees, but major lobby groups oppose the settlement, pushing for Congress to regulate interchange fees.

The settlement, if finalized, would bring clarity and consumer protections, ending a two-decade legal battle. American Express is not part of the settlement, and it does not impact debit cards. Visa and Mastercard believe this is the best solution for all parties involved.

Read more at Yahoo Finance: Why a Visa-Mastercard legal settlement could lead to your rewards credit card getting declined