Is Legislation the Answer on Visa, Mastercard Swipe Fees as ~$200 Billion Record Is Set?

Credit card and debit card swipe fees have reached a record high of $198.25 billion, per the Merchants Payment Coalition (MPC), signaling that merchants -- and by extension, consumers -- are on the hook for an ever-increasing bill attached to everyday transactions.

“Credit card swipe fees make just about everything Americans buy more expensive. Swipe fees set a new record by taking more of our money every year, and the impact on American families and small businesses is devastating," said MPC executive committee member and National Association of Convenience stores General Counsel Doug Kantor.

"President Trump, lawmakers across the political spectrum, business groups, labor unions, consumer groups, Native American tribes and more are calling for bipartisan swipe fee reform. It's time for Congress to make America affordable again by ending the swipe fee ripoff," he added, as Progressive Grocer detailed.

The data breakdown was provided as follows:

• Visa and Mastercard swipe fees comprised the bulk of the overall total, registering at $118.8 billion last year -- an increase from the $111.2 billion notched the year prior. Notably, that's a significant 365% increase over the $25.6 billion calculated in 2009.
• Credit cards as a whole took an even larger share of the overall pie in 2025, coming in at $157.8 billion against $148.5 billion in 2024.
• Average swipe fee for Visa and Mastercard-branded credit cards, the biggest players in the market in excess of 80% of total share, increased from 2.35% in 2024 to 2.36% in 2025. That's up from just over 2% (2.02%) in 2010.
• Debit card swipe fees amounted to approximately $40.5 billion, hiking upward from $38.7 billion in 2024.

Credit Card Competition Act Seeks To Mitigate Swipe Fees

Bipartisan legislation sponsored by Sens. Roger Marshall (R-Kansas) and Dick Durbin (D-Illinois) is being looked over by Congress, according to an MPC press release. The legislation was also endorsed by President Donald Trump, who did so in a Truth Social Post earlier this year referring to an "out of control swipe fee ripoff."

The Credit Card Competition act targets banks with at least $100 billion in assets, requiring these to enable cards they issue to be processed over two non-affiliated networks -- likely Visa or Mastercard in addition to competitors such as NYCE, Star, or Shazam -- in the hopes that increased competition will break an alleged "duopoly."

"Americans are struggling with everyday purchases like groceries and gas, and credit card swipe fees inflate those already exorbitant prices," Durbin said of the proposed legislation in January, per Convenience Store News.

"By bringing real competition to credit card networks, which is currently dominated by the Visa-Mastercard duopoly, we can reduce swipe fees and hold down costs for Main Street merchants and their customers. Let’s pass the Credit Card Competition Act as soon as possible."