Trump Again Calls for Credit Card Swipe Fee Reform
By CU Today Staff —
WASHINGTON—President Donald Trump renewed his call for credit card swipe fee reform this week, saying during the Republican midterm convention in Dallas that reducing the fees would save families money.
“We will cut out-of-control credit card swipe fees, saving the average family at least $1,200 per year,” Trump said during his keynote address. “We will not allow Americans to pay seven to eight times more for those fees than they do in any other country. We pay seven, eight and nine times more than they do.”
The Merchants Payments Coalition, which supports the Credit Card Competition Act, welcomed the remarks.
“President Trump is right that dealing with credit card swipe fees would be one of the most effective ways to help American families,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Credit card swipe fees drive up costs for small businesses and prices for American families every day. Bringing competition to these constantly rising fees would provide relief at a time when it is badly needed. We appreciate that this is a priority for President Trump. It’s time for Congress to take action.”
It marked the third time this year Trump has publicly addressed swipe fees. He endorsed the Credit Card Competition Act in January and reiterated his support in August. The legislation would require financial institutions with at least $100 billion in assets to enable credit cards to be processed over at least one network unaffiliated with Visa or Mastercard. The bipartisan Senate bill is backed by Sens. Roger Marshall (R-KS), Dick Durbin (D-IL), Peter Welch (D-VT), Bernie Moreno (R-OH), Cynthia Lummis (R-WY) and Angus King (I-ME).
MPC said combined credit and debit card swipe fees rose 80% from 2020 to a record $198.25 billion in 2025. The coalition said Visa and Mastercard credit card swipe fees average 2.36% of a transaction and argues the CCCA would create competition among processing networks. Visa and Mastercard control more than 80% of the U.S. credit card market, according to MPC.
Originally reported by CU Today.