Trump Reignites the Battle Over Credit Card Swipe Fees

President Donald Trump followed up his call late last week to cap interest rates on credit cards at 10% by expressing his support for lowering swipe fees on credit card transactions.

Trump’s continued focus on matters important to the credit card ecosystem signals that 2026 could be a year full of change for credit card issuers, merchants, and people who use credit cards.

The president took to social media platform Truth Social — the same outlet he used to call for a cap on credit card interest rates — early on Jan. 13 to inform the country of his latest thoughts on swipe fees.

“Everyone should support great Republican Senator Roger Marshall’s Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff,” Trump wrote.

Interchange fees are a major source of revenue for credit card issuers. Not only can interchange income boost the bottom lines of issuers, but it can also provide capital that issuers can use to enhance rewards programs and fortify protections against fraud.

Reductions in interchange fees may severely weaken credit card rewards programs and make paying with a credit card less secure.

In addition to threatening issuer income, the Credit Card Competition Act could lead to higher operational costs for credit card companies that would need to update infrastructure to support multiple, unaffiliated networks.

Nevertheless, some parties are pulling for potential reductions in swipe fees to become a reality. Sen. Marshall (R-KS) didn’t waste any time responding to Trump’s endorsement of reducing the fees. 

“Big Banks rake in billions from credit card swipe fees — while hardworking Americans pay the price,” Marshall posted on X, according to CUtoday. “Let’s end these fees and save families thousands.”

Trump’s post also garnered support from the Merchants Payments Coalition, a group of retailers and other businesses that take credit card payments from customers and want to see changes to the payments system in the U.S.

The coalition applauded Trump’s position on swipe fees and claimed in a press release that swipe fees on credit and debit cards have risen by 70% following the pandemic.

In the release, Doug Kantor, who serves as Executive Committee Member for the coalition and General Counsel for the National Association of Convenience Stores, thanked Trump for protecting businesses and consumers in the U.S.

“Giant credit card companies and Wall Street banks have gotten away with price-fixing credit card swipe fees and sticking everyday Americans with the bill for years,” Kantor said. “The average family pays $1,200 more each year to cover these fees.”

The Merchants Payments Coalition claims that swipe fees on credit and debit card transactions have risen by 70% in recent years.

The coalition said in its release that swipe fees are among the most expensive operating costs merchants see. But if new regulations cause swipe fees to go down, whether merchants would in turn pass the savings they experience on to customers is far from certain. Many businesses may choose to simply keep their prices the same and pocket the extra money.

While Trump’s post makes his position on credit card swipe fees clear, it doesn’t shed light on what the changes regarding the fees will look like. 

Jason Stverak, Chief Advocacy Officer at the Defense Credit Union Council, is calling for more talks about the matter before any changes take place.

“We have not had a hearing on the bill, and before we attempt to dramatically alter the highly successful and secure payments system in the United States, we should make sure that all of these discussions happen in Congress,” Stverak said, according to CUtoday.