Three Senators Back Credit Card Competition Bill

Visa and Mastercard control about 80% of the U.S. credit-card market, leaving merchants with little choice over the networks used to route transactions and contributing to swipe fees typically ranging from 2% to 4%. The Credit Card Competition Act would require card issuers with more than $100 billion in assets to enable at least two unaffiliated networks, allowing merchants to choose how payments are processed and potentially forcing networks to compete on price, security and service.

Republican Senator Roger Marshall introduced S. 3623 on Jan. 13, 2026, with Democratic Senators Dick Durbin and Peter Welch as co-sponsors, forming a bipartisan, three-senator coalition. The Merchants Payments Coalition and National Restaurant Association welcomed the support. Advocates estimate the measure could save merchants and consumers $17 billion annually, after U.S. merchants paid $198.25 billion to process credit- and debit-card transactions in 2025. The bill was referred to the Senate Banking, Housing, and Urban Affairs Committee.