What Marketers really get from the new Visa/Mastercard swipe-fee settlement and what to watch for with customers
December 4th
The newly proposed $38 billion Visa/Mastercard swipe-fee settlement, announced on November 10, 2025, is making significant headlines. For many businesses, this settlement represents a valuable opportunity to slow the rising costs associated with accepting credit cards. Although the agreement has not yet been approved, the proposed settlement offers genuine advantages for Marketers, along with new challenges for customer experience that will require careful planning.
What Marketers stand to gain:
- Small but meaningful fee reductions: Interchange fees will decrease by 0.1 percentage point for five years. While this change may not be transformative, the savings can accumulate considerably over time. The settlement does not specify whether this reduction applies to all interchange categories or only to certain types of merchants.
- Predictable pricing on standard consumer cards: Standard cards will have a cap of 1.25% for eight years, giving businesses a rare layer of cost stability.
- Flexibility to accept or reject specific card categories: For the first time, merchants could choose whether to accept premium rewards cards, commercial cards, or standard cards. This breaks the long-standing “honor-all-cards” rule that forced acceptance of every card type, including the most expensive ones.
- Expanded surcharging rights: Businesses could apply up to a 3% surcharge on certain card types to offset higher fees. It is unclear whether this would extend to states that currently do not permit surcharging.
While these are a positive step forward, it should be noted that this deal does not limit other types of network fees (e.g., “network” or “routing” fees) in the same way; critics argue Visa/Mastercard could raise those fees in the future.
Should this settlement pass, businesses must be cautious with customers, as these new benefits come with a delicate customer experience balancing act. Marketers should expect:
- Pushback on surcharges: Shoppers often interpret surcharges as a penalty, even when they simply reflect the costs of processing.
- Awkward customer service interactions: If a Marketer stops accepting premium rewards cards or adds fees to them, staff should expect to receive questions, frustration, and an increase in customer service calls.
- Shifts in card behavior: Consumers love their rewards. Restricting premium cards may change spending patterns or influence where they choose to do business.
If this proposal passes, Marketers will now have more cost control tools, but using them without harming customer goodwill will require clear signage, consistent messaging, and well-trained staff.
What It Means in Practice
Marketers can expect modest savings and, more importantly, flexibility. Under the proposed settlement, businesses can decline high-cost rewards cards or steer customers toward lower-cost options. But you’ll need to manage the customer experience implications. Consumers choose credit cards for rewards, not efficiency. Anything that interferes with those habits risks frustration or slower payments, potentially extending card-on-file payments for loyal customers to 30 days or more as they transition to different payment methods. In addition, Surcharges often feel punitive, and being told “that card costs extra” or “we don’t take that card” can irritate loyal customers and even prompt them to switch to competitors. Businesses will have more cost-management tools than ever, but using them without damaging loyalty will require a delicate balance.
Will the settlement actually stick?
Approval is not guaranteed. A previous settlement was rejected, and major merchant groups say this version still doesn’t go far enough. Meanwhile, Congress is considering the Credit Card Competition Act, which could introduce even more profound structural changes. According to expert opinion, there’s a moderate chance that the current deal will be approved, but revisions are likely.
The bottom line
For Visa/Mastercard this settlement is a good deal. They avoid a drawn-out trial and cap some interchange costs without admitting liability, but keep in mind that they also own the networks and may still adjust other network-related fees over time. This settlement pertains to swipe/interchange, not a blanket cap on all transaction fees. The proposed settlement is progress; however, the payments landscape will continue to evolve across the courts, Congress, and network pricing models.
For Marketers, this settlement provides meaningful choice in which cards they accept and greater predictability in the costs of those cards. But the Industry should be cautious; rolling out these new programs will require thoughtful execution. Customers won’t simply adapt, and it is ultimately their reactions that will shape how effective these changes ultimately are.
Qualpay will follow the settlement closely, and as more information becomes available, we will provide the details and be able to answer specific questions and how they may impact the delivered fuel space.
About the Author
Jon is an accomplished payment professional with 15+ years of history in recurring and utility payments. As the Director of Business Development at Qualpay, he oversees business development and sales efforts while working closely with partners to educate merchants on effective cash flow management practices.
Jon has successfully launched multiple channel programs, managing all aspects of the process: from the creation of the business development strategy to the implementation of the marketing promotion initiatives. Prior to joining Qualpay in 2017, Jon served as the Vice President of Domestic & International eCommerce at Evo Payments INTL. Jon’s strengths lie in his experience and knowledge of the Energy payment industry with a focus on next generation products and services that can be implemented to further reduce costs and gain operational efficiencies.