U.S. District Judge Brian Cogan on June 9 granted preliminary approval to a revised $38 billion settlement between Visa, Mastercard, and approximately 12 million U.S. merchants over credit card interchange fees. Cogan described the terms as fair, reasonable, and adequate.
Visa and Mastercard will reduce average effective credit interchange rates by 10 basis points over five years. Standard consumer credit card rates are capped at 1.25 percent for eight years.
The agreement replaces a $30 billion proposal that the court rejected in June 2024. The claims process now begins ahead of a final approval hearing.