FOR IMMEDIATE RELEASE
Contact: J. Craig Shearman
(202) 257-3678 craig@shearmancommunications.com
WASHINGTON, July 15, 2026 — Double-digit increases in profits reported this week by some of the nation’s largest credit card-issuing banks show the need to end the “swipe fee ripoff,” the Merchants Payments Coalition said today.
“Megabank profits continue to soar, driven in large part by rising credit card swipe fees that drive up prices as American families struggle with affordability,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Members of Congress from across the political spectrum have joined with President Trump in calling for competition to bring these fees down. It’s time for Congress to make America affordable again by passing the Credit Card Competition Act.”
JPMorgan Chase, the nation’s largest issuer of Visa and Mastercard credit cards, reported Tuesday that net profits for the second quarter were up 41% year over year and totaled $21.2 billion on revenue of $57.3 billion. The bank said the results included a $4.6 billion gain from exchanging 18.6 million shares of one class of Visa stock for a combination of two other classes.
JPMorgan Chairman and CEO Jamie Dimon said “revenue in each line of business hit a new record” and the New York Times headlined its story “Big Banks Smash Earnings Records.”
No. 2 card issuer Citigroup said net profits were up 45% year over year at $5.8 billion on $24.8 billion in revenue while Wells Fargo, another large card issuer, reported net profits were up 17% at $6.4 billion on $22.6 billion in revenue. Bank of America’s net profits were up 6% at $9.1 billion on $31.6 billion in revenue.
Based on those figures, JPMorgan Chase had a profit margin of 37%, Citigroup 24%, Wells Fargo 28% and Bank of America 29%. Profits are even higher at Visa, at 54%, and Mastercard, at 46%, both as of April. By contrast, net profits for merchants average about 3%.
Credit card and debit card swipe fees have jumped 80% since the pandemic and hit a record $198.25 billion in 2025. Swipe fees are most merchants’ highest operating cost after labor and too much to absorb, driving up prices by more than $1,200 a year for the average family. The fees are rising largely because of lack of competition — Visa and Mastercard, which control 80% of the market, each centrally set the swipe fee rates charged by all banks that issue cards under their brands and restrict processing to their own networks.
The earnings reports come as Congress is considering the Credit Card Competition Act, which President Donald Trump endorsed earlier this year to “stop the out of control Swipe Fee ripoff.”
Under the bill, banks with at least $100 billion in assets would enable credit cards to be processed over at least one unaffiliated network like Star, NYCE or Shazam in addition to Visa or Mastercard. The measure is expected to result in competition over fees, security and service that would save merchants and their customers $17 billion a year.
About MPC
The Merchants Payments Coalition represents retailers, supermarkets, convenience stores, gasoline stations, online merchants and others fighting for a more competitive and transparent card system that is fair to consumers and merchants. Follow MPC on Twitter, Facebook or LinkedIn for the latest on swipe fees.
