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A federal judge in Brooklyn granted preliminary approval to the $38 billion agreement between Visa, Mastercard and more than 12 million merchants that accused the networks of charging excessive processing fees. If final approval is granted, it could determine which credit cards —including the most popular rewards cards— will continue to be accepted at thousands of businesses across the country.
District Judge Brian Cogan granted preliminary approval on April 27, 2026, opening the door to final approval before the end of the year. The case has more than two decades behind it: in 2024, a previous judge rejected an earlier $30 billion settlement, saying the savings for merchants were insufficient.
What changes with the Visa and Mastercard agreement?
Interchange fees —the charge merchants pay for each transaction— would be reduced by 0.1 percentage points per year for five years, and standard fees would be capped at 1.25% for eight years. In 2024, merchants paid an average of 2.35% per transaction.
The agreement also eliminates the “honor all cards” rule, which forced businesses to accept every card in the network without exception. Under the new terms, merchants would have more flexibility to direct customers toward cheaper payment options.
How does this agreement affect consumers?
The most direct impact is the possible exclusion of premium and rewards cards. Merchants will be able to reject cards that generate higher fees, although major retailers have said they are too popular to stop accepting them.
The National Retail Federation and other organizations rejected the agreement, arguing that it leaves merchants facing the difficult choice of absorbing high fees or losing sales if they refuse rewards cards. The legal battle, which began in 2005, is still not over.