Aug 6, 2026
Follow us on Google for more Moneywise news
Add us on GooglePresident Donald Trump re-emphasized his support of bipartisan credit card legislation, which supporters say encourages more competition in the payment sector.
Trump touted his backing of the bill in a social media post endorsing Republican Sen. Roger Marshall of Kansas in the state’s GOP Senate primary — and presented it as a reason for Republican voters to support Marshall.
Advertisement
“Roger is working tirelessly to pass the Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff!” the president said in a Truth Social post on Monday.
Thanks for subscribing!
The money news that actually matters.
By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.
Trump first issued an endorsement of the bill in January, as he was attempting to cobble together a domestic agenda around affordability and bringing down the cost of living. The legislation would obligate banks with at least $100 billion in assets to allow credit card fee processing on at least two networks.
“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 said at the time in a social media post.
How credit card fee payments work
Currently, the majority of credit-card issuers — namely, large US banks — link up with either the Visa or Mastercard networks. Once a consumer uses a credit card for payment, the merchant must pay the associated fees to the bank on an affiliated network.
Supporters of the legislation argue that increasing competition between payment processors beyond Visa and Mastercard could slash their fees — and translate into lower costs for consumers.
Both credit card issuing banks and payment networks have turned major profits under the current payment structure. Last year, merchants paid $198.25 billion in credit and debit swipe fees, according to the Nilson Report, a trade publication.
Must Read
- The ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100
- Here’s the average income of Americans by age in 2026. Are you keeping up or falling behind?
- Insurance companies profit most from drivers who auto-renew without shopping around. Comparing 100+ quotes takes 2 minutes and costs nothing
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
The credit card bill’s rocky path from here
The MPC — a trade group, representing retailers, supermarkets and online merchants — welcomed Trump’s comments, saying the legislation would help “restore affordability” in the US economy.
“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 MPC Executive Committee member Doug Kantor in a statement. “With President Trump and members of Congress from across the political spectrum seeking passage, it’s time to turn this legislation into law.”
Advertisement
In addition to Marshall, the legislation only has two Senate co-sponsors so far: Sens. Dick Durbin of Illinois and Peter Welch of Vermont. Vice President JD Vance once signed onto the legislation while serving as Ohio senator, but has stayed mum on the issue since. It was first introduced in 2022.
The Credit Card Competition Act set off a fierce fight, with the retailers paying the fees on one side and the credit card networks and banks that collect on the other. Critics of the legislation argue it will weaken anti-fraud measures and erode popular credit card rewards programs.
The Electronic Payments Coalition, an industry group representing card-issuing banks and payment networks, has spent $22 million to oppose the legislation, according to lobbying filings reviewed by progressive group Demand Progress.
Republican support in Congress hasn’t materialized for the bill, so it’s unlikely to pass anytime soon. The GOP-controlled House has already adjourned for their summer recess, while the Republican-held Senate is sorting through a raft of competing legislative priorities before skipping town by the end of the week.
You May Also Like
- JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
Joseph Zeballos-Roig is a policy and politics journalist based in Washington D.C with a focus on economics. He is experienced in connecting the significance of events in the capital to the lives of everyday Americans whether its taxes, tariffs, interest rates or federal programs.
