FOR IMMEDIATE RELEASE
Contact: J. Craig Shearman
(202) 257-3678 craig@shearmancommunications.com
WASHINGTON, Oct. 13, 2026 — Billions of dollars in quarterly profits reported today by three of the nation’s largest credit card-issuing banks — including a 40% jump at Citigroup — show why Congress should end the “swipe fee ripoff,” the Merchants Payments Coalition said.
“Another quarter, another round of multibillion-dollar profits for the megabanks, paid for in part by the swipe fees merchants and their customers are charged at every checkout,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Americans should have more money to spend, but they are getting squeezed by Visa and Mastercard operating the credit card industry as two big cartels. Their profits show the ripoffs of Americans just keep on coming.”
No. 2 card issuer Citigroup said net profits were up 40% year over year at $5.2 billion on $23.8 billion in revenue, which CEO Jane Fraser called “the best third-quarter revenue in a decade.”
JPMorgan Chase, the nation’s largest issuer of Visa and Mastercard credit cards, reported that net profits for the third quarter were up 6% year over year and totaled $15.3 billion on revenue of $50.2 billion. Revenue in the bank’s Card Services and Auto unit rose 15% to $8.3 billion, and debit/credit card sales volume was up 10%.
Wells Fargo, another large card issuer, reported net profits were up 6% at $6 billion on $21.9 billion in revenue, driven partly by “higher card fees.”
Based on those figures, JPMorgan Chase had a profit margin of 31%, Citigroup 22% and Wells Fargo 27%. Profits are even higher at Visa, at 48%, and Mastercard, at 47%, both as of July. By contrast, net profits for merchants average about 3%.
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 earnings reports come as Congress is considering the Credit Card Competition Act, which President Donald Trump first endorsed in January to “stop the out of control Swipe Fee ripoff” and has endorsed repeatedly since then.
Last week, White House spokeswoman Taylor Rogers reiterated Trump’s support in the Wall Street Journal. “President Trump has been clear: Pass the Credit Card Competition Act and save American families from hidden swipe fees that cost households $1,200 a year,” Rogers said. “He continues to urge Congress to meet this moment, put Main Street over Wall Street, and get this legislation to his desk.”
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.
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.