President Trump pledged to slash “out-of-control credit card swipe fees” in his speech Wednesday at the GOP midterm convention in Dallas.
“We will cut out-of-control credit card swipe fees, saving the average family $1,200 per year,” Trump told the crowd.
“We will not allow Americans to pay seven to eight times more in those fees than they do in other countries — much like I solved favored nations,” the president argued.
Trump did not specify how low he would like to see credit card swipe fees go.
The average swipe fee rate for Visa and Mastercard-branded credit cards rose to 2.36% of the transaction amount in 2025, up from 2.35% the previous year, according to the Merchants Payments Coalition.
Swipe fees for credit cards and debit cards combined totaled $198.25 billion in 2025.
The two card networks control over 80% of the market, the trade association noted.
“So much like the prescription drugs, it’s the same kind of a thing where we’ll straighten it out very quickly,” Trump vowed.
Earlier this year, Trump urged congressional lawmakers to pass the Credit Card Competition Act, which he said in a social media post would “stop the out-of-control swipe fee ripoff.”
The president has previously floated capping credit card interest rates at 10%.
