What is the Visa and Mastercard US interchange settlement?
Announced in November 2025, the agreement between Visa, Mastercard and US merchants would cut US credit interchange by 10 basis points for five years, cap standard consumer credit rates at 1.25% for eight years and let merchants choose which card categories to accept. It received preliminary court approval in June 2026, and final approval is still pending.
In detail
It is an agreement announced in November 2025 between Visa, Mastercard and US merchants, to settle antitrust litigation over card fees and acceptance rules that began in 2005.
The main terms
- A cut of 10 basis points in US credit interchange rates, for five years.
- A cap on standard consumer credit rates at 1.25%, for eight years.
- More freedom for merchants to choose which card categories they accept, such as premium or commercial cards, rather than having to accept all cards of a network.
- More room to surcharge or offer discounts that steer customers toward lower-cost cards.
Where it stands
On June 9, 2026, Judge Brian Cogan of the US District Court for the Eastern District of New York granted preliminary approval. A final approval hearing is scheduled for November 16, 2026, with objections filed by Walmart and retail trade groups. Merchant associations have said they would appeal a final approval, and analysts expect appeals to delay implementation, possibly by several years. Check the latest court decisions before planning around specific dates.
What it changes for merchants
If implemented, US merchants would pay somewhat less on credit card acceptance and gain more control over which cards they take, such as premium rewards cards that carry higher interchange.
What it means for payment operators
For platforms serving US merchants, the settlement could change acceptance costs and card acceptance options. Reporting that shows interchange by card category and provider will help you and your merchants measure its effect once the terms apply.