FOR IMMEDIATE RELEASE
Contact: J. Craig Shearman
(202) 257-3678 craig@shearmancommunications.com
WASHINGTON, August 26, 2026 — Visa and Mastercard stock prices hit record highs this week, showing further evidence of the need for Congress to address soaring credit card swipe fees, the Merchants Payments Coalition said today.
“Whether it’s shown in their quarterly earnings reports or daily stock prices, it’s clear that Visa and Mastercard are getting rich on the backs of small businesses and American consumers,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Visa and Mastercard fees and profits keep rising because they benefit from inflation and take a growing share of nearly everything Americans buy. With three new senators cosponsoring bipartisan legislation and President Trump repeating his support, it’s time for Congress to give Main Street merchants and shoppers relief by bringing competition to this broken market.”
Shares of Visa, the nation’s largest credit card network, closed at a record $382.41 on Monday while shares of No. 2 Mastercard closed at a record $599.86.
The all-time highs came less than a month after Visa reported that net profits for its latest quarter rose 7% year over year, totaling $5.6 billion on revenue of $11.6 billion for a profit margin of 48%. Mastercard reported that net profits were up 19% year over year, totaling $4.4 billion on revenue of $9.3 billion for a profit margin of 47%. In contrast, retail profit margins are a little more than one-tenth the level of Visa’s.
Earlier in July, top Visa/Mastercard issuer JPMorgan Chase said second-quarter net profits were up 41% year over year and totaled $21.2 billion. No. 2 card issuer Citigroup profits were up 45% at $5.8 billion while Wells Fargo profits were up 17% at $6.4 billion and Bank of America profits were up 6% at $9.1 billion. JPMorgan Chase had a profit margin of 37%, Citigroup 24%, Wells Fargo 28% and Bank of America 29%.
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 record stock prices come as Congress is considering the bipartisan Credit Card Competition Act, which President Donald Trump endorsed again this month to “stop the out of control Swipe Fee ripoff.” Just days later, Sens. Bernie Moreno, R-Ohio; Cynthia Lummis, R-Wyo., and Angus King, I-Maine, became cosponsors of the CCCA, joining existing sponsors Sens. Roger Marshall, R-Kan.; Dick Durbin, D-Ill., and Peter Welch, D-Vt. The measure has eight bipartisan sponsors in the House.
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.
The card industry has waged a misleading fight to maintain the status quo, with the consumer group Demand Progress reporting last month that Visa, Mastercard, big banks and their trade associations have spent approximately $200 million since 2023 to oppose swipe fee reform measures, including forming a fake small business coalition with multiple members of it paid by the credit card companies.
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.
