US Judge Approves Visa-Mastercard $38 Billion Swipe Fee Settlement
A federal judge in Brooklyn, New York, granted preliminary approval on June 9, 2026, to a $38 billion settlement between Visa, Mastercard, and over 12 million U.S. merchants, resolving 21 years of antitrust litigation over excessive swipe fees. The deal reduces credit interchange fees by 0.1 percentage point for five years, caps standard consumer card rates at 1.25% for eight years, and allows merchants to decline certain premium cards. Major retailers like Walmart and the National Retail Federation oppose the settlement, arguing it fails to fix the broken credit card market.
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Visa and Mastercard $38 Billion Swipe Fee Settlement: Implications for Credit Card Users
A U.S. district judge has granted preliminary approval to a $38 billion settlement between Visa, Mastercard, and over 12 million merchants who accused the credit card networks of charging excessive swipe fees. The settlement, which follows a rejected $30 billion proposal two years ago, would lower swipe fees by 0.1 percentage point for five years and cap standard consumer card fees at 1.25% for eight years. Key consumer impacts include the potential discontinuation of the 'honor all cards' rule, allowing merchants to decline high-cost rewards cards, and permitting merchants to impose surcharges on certain premium cards. However, major retailers indicate rewards cards remain too popular to reject. The National Retail Federation opposes the settlement, calling it insufficient and vowing to participate in further proceedings. Final approval is pending.
Yahoo FinanceVisa and Mastercard $38 Billion Swipe Fee Settlement Approved by Judge
A U.S. district judge has granted preliminary approval to a $38 billion settlement between Visa, Mastercard, and over 12 million merchants who accused the credit card networks of charging excessive swipe fees. The settlement, which replaces a rejected $30 billion deal from two years ago, would lower swipe fees by 0.1 percentage point for five years and cap standard consumer card fees at 1.25% for eight years. Key provisions include ending the 'honor all cards' rule, allowing merchants to decline premium rewards cards, and permitting additional surcharges on higher-fee cards. However, the National Retail Federation opposes the deal, calling it insufficient and leaving the underlying fee system intact. The legal battle, ongoing since 2005, remains unresolved pending final approval. Whether consumers will see savings from lower merchant fees is uncertain.
Yahoo FinanceWhat the $38 billion Visa, Mastercard swipe fee settlement means for credit card users
A U.S. district judge has given preliminary approval to a $38 billion settlement between Visa, Mastercard, and over 12 million merchants who accused the credit card networks of charging excessive swipe fees. The settlement, part of a legal battle spanning more than two decades, would lower interchange fees by 0.1 percentage point for five years and cap standard consumer card fees at 1.25% for eight years. A key provision would end the 'honor all cards' rule, allowing merchants to decline high-cost rewards cards. Merchants may also impose surcharges on premium cards or offer discounts for lower-fee cards. However, the National Retail Federation opposes the deal, calling it insufficient. Final approval is still pending, and consumer impact remains uncertain.
Yahoo FinanceVisa, Mastercard US$38 Billion Swipe Fee Settlement Wins US Judge’s Approval
A US judge has approved a landmark US$38 billion settlement between Visa, Mastercard, and over 12 million merchants regarding swipe fees. The settlement, deemed 'fair, reasonable and adequate' by the judge, requires Visa and Mastercard to lower swipe fees by 0.1 percentage point for five years. Standard consumer rates will be capped at no more than 1%. The agreement resolves long-standing antitrust litigation over the fees merchants pay to process credit and debit card transactions. The approval marks a significant development in the years-long legal battle, potentially reducing costs for millions of businesses across the United States.
The Business TimesVisa, Mastercard US$38 Billion Swipe Fee Settlement Wins US Judge’s Approval
A US judge has approved a landmark US$38 billion settlement between Visa, Mastercard, and over 12 million merchants regarding swipe fees. The judge ruled the agreement is 'fair, reasonable and adequate'. Under the settlement, Visa and Mastercard agreed to lower swipe fees by 0.1 percentage point for five years, and standard consumer rates would be capped at no more than 1%. The ruling resolves a long-running antitrust dispute over the fees merchants pay to process credit and debit card transactions. The settlement is one of the largest in US antitrust history and will provide significant financial relief to millions of businesses across the country.
The Business TimesJudge Preliminarily Approves Visa, Mastercard $38 Billion Swipe Fee Settlement
A federal judge has granted preliminary approval to a revised $38 billion settlement between Visa, Mastercard, and over 12 million merchants who accused the card networks of charging excessive swipe fees in violation of antitrust laws. The settlement, announced in November 2025, resolves litigation dating back to 2005. Key terms include a 0.1 percentage point reduction in swipe fees over five years, a cap on standard consumer card rates at 1.25% for eight years, and modifications to the 'Honor All Cards' rule allowing merchants to selectively accept card types. Judge Brian M. Cogan described the terms as 'fair, reasonable, and adequate,' though opposition remains from retail groups including the National Retail Federation and Walmart, who argue the deal does not fix a 'broken' credit card market. Visa and Mastercard shares rose 1.7% and 2% respectively on the news.
Yahoo FinanceJudge Preliminarily Approves Visa, Mastercard $38 Billion Swipe Fee Settlement
A federal judge has granted preliminary approval to a revised $38 billion settlement between Visa, Mastercard, and over 12 million merchants who accused the card networks of charging excessive swipe fees. The settlement, announced in November 2025, resolves antitrust litigation dating back to 2005. Key terms include a 0.1 percentage point reduction in swipe fees over five years, a cap on standard consumer card rates at 1.25% for eight years, and modifications to the 'Honor All Cards' rule allowing merchants to selectively accept card types. Judge Brian M. Cogan described the terms as 'fair, reasonable, and adequate,' though major retailers including Walmart and industry groups like the National Retail Federation continue to oppose the deal, arguing the credit card market remains broken. Visa and Mastercard shares rose 1.7% and 2% respectively following the ruling.
Yahoo FinanceCourt Approves Visa-Mastercard Settlement with Merchants
A federal judge in Brooklyn, New York, granted preliminary approval on June 9, 2026, to a settlement between Visa, Mastercard, and a class of approximately 12 million U.S. merchants, concluding 21 years of litigation over interchange fees. The settlement, which replaces a 2024 rejected deal, will reduce credit interchange fee rates by 10 basis points for five years and cap standard consumer card rates at 1.25% for eight years. Merchants gain new rights to decline certain premium and commercial credit cards, breaking from the networks' 'honor all cards' rule, and can add surcharges or discounts to steer customers. Large merchants like Walmart objected, arguing they cannot easily reject popular premium cards. Visa and Mastercard expressed support, calling the agreement a step toward final closure.
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