Trump supports bill targeting Visa, Mastercard swipe fees

Former President Donald Trump has doubled down on his support for the Credit Card Competition Act, a bipartisan bill aimed at breaking up the dominance of Visa and Mastercard and reducing swipe fees that merchants pay.

Trump highlighted the legislation in a Truth Social post on Monday, endorsing Republican Senator Roger Marshall of Kansas ahead of the state’s GOP Senate primary. He framed the bill as a way to curb what he called an “out of control Swipe Fee ripoff.” The Credit Card Competition Act would require large banks—those with at least $100 billion in assets—to process credit card transactions on at least two different networks, not just Visa or Mastercard. Trump first backed the bill in January as part of his push to address rising living costs. Supporters argue that more competition could drive down fees, which they say would eventually benefit consumers.

Merchants paid a record $198.25 billion in credit and debit swipe fees last year, according to the Nilson Report, a trade publication. The current system overwhelmingly relies on Visa and Mastercard networks, leaving little room for alternatives. Big banks and payment networks have profited heavily under this structure, but retailers, supermarkets, and online sellers say the fees are crushing their margins. The Merchants Payments Coalition (MPC), a trade group representing these businesses, welcomed Trump’s renewed support, calling it a sign that swipe fee reform has moved into the mainstream political conversation. “This is the second time President Trump has called for credit card swipe fee reform, and his continuing commitment shows that concern over these fees has reached the highest level,” said Doug Kantor, an MPC executive committee member.

If passed, the bill could force Visa and Mastercard to compete with smaller networks like Discover or American Express, potentially lowering transaction costs for businesses. But the legislation has only three Senate backers so far: Marshall, Dick Durbin of Illinois, and Peter Welch of Vermont. Without broader support, its path to becoming law remains uncertain. Still, with Trump’s endorsement and growing frustration among retailers, the issue is gaining traction as lawmakers look for ways to ease financial pressure on consumers and businesses. The stakes are high—swipe fees are one of the biggest costs merchants face outside of labor and rent.