Visa, Mastercard Earnings Preview: 10% APR Cap Push And Fresh Swipe-Fee Battle

As Visa and Mastercard report results, Washington is pushing 10% card APR caps and tougher routing rules, raising new questions on volumes and fees today.

Visa is set to report fiscal Q1 2026 results on January 29, 2026, after market close, per its Investor Relations notice dated January 15, 2026. 

Mastercard will release Q4 and FY 2025 results on January 29, 2026, with a 9:00 AM ET conference call, per its IR update dated January 13, 2026. The earnings arrive with policy headlines piling up, including a proposed 10% credit card interest cap and a revived push to curb swipe fees and expand routing options. 

What Is The Issue Right Now?

US President Donald Trump called on January 10, 2026 for a 1-year cap of 10% on credit card interest rates, and urged Congress to act. The same month, Senators Dick Durbin and Roger Marshall reintroduced the Credit Card Competition Act on January 13, 2026, aiming to push more competition in card routing. 

For payments investors, the worry is simple: a hard interest cap can squeeze issuers, while routing mandates and settlement-linked fee limits can squeeze the networks. Meanwhile, consumers are still paying high APRs. Investopedia put the average US credit card APR at about 21.39% as of January 21, 2026, with some rates up to 32%. 
 

A quick view of what is moving markets right now.
 

These moves are also getting watched outside the US. On January 28, 2026, EU Commissioner Valdis Dombrovskis said nearly 2/3 of EU card transactions are handled by US giants like Visa and Mastercard, while arguing for a digital euro to reduce dependence. 

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Issuers Rethink Products as Price Caps Loom

The interest-rate cap risk is aimed at issuers, but networks can still feel second-order effects through slower credit growth. Reuters reported on January 17, 2026 that banks faced a test after Trump’s call, with uncertainty on enforcement details and concerns around tighter lending if pricing is forced down. 

Issuers are already discussing contingency playbooks. Reuters reported on January 22, 2026 that Bank of America explored new credit cards priced at 10%, with similar consideration reported for Citigroup. A “no-frills” card structure is being talked about, fewer perks, tighter underwriting, less generous rewards. That becomes relevant for networks because rewards-heavy cards typically drive high usage.

Cheaper Cards, Fewer Perks: Issuers’ First Line of Response

On the network side, the bigger direct issue is routing and swipe-fee reform. Congress.gov summaries around the Credit Card Competition Act framework describe requirements for covered issuers (assets above $100 billion) to allow transactions to be processed on at least 2 networks. 

Then there is litigation and settlement pressure. Reuters, in its November 10, 2025 reporting, said the proposed Visa-Mastercard settlement would lower swipe fees that averaged 2.35% in 2024, typically ranging 2% to 2.5%, and reduce the combined average effective credit interchange rate by 0.1 percentage point (10 bps) for 5 years. 

It also described a 1.25% cap for standard consumer rates for up to 8 years, subject to court approval. MarketWatch and AP have both highlighted how this could reshape merchant acceptance and potentially hit premium rewards cards. 

For Indian readers tracking pricing behaviour, one more practical data point. 

LoansJagat, in a report dated January 23, 2026, said many Indian credit cards typically charge a forex markup fee of around 2% to 3.5% on foreign currency transactions. It is not directly linked to the US cap debate, but it shows how card economics often shift into fees and product design.

Statements From Key Stakeholders

JPMorgan CEO Jamie Dimon called a credit card rate cap an “economic disaster” in Reuters coverage dated January 21, 2026, warning it could restrict access to credit. On routing, 

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ICBA’s note dated January 23, 2026 said banking groups oppose the Credit Card Competition Act. Merchant voices are pushing the other way. NRF, in a post dated January 26, 2026, welcomed the bill’s reintroduction as relief from swipe fees. 

Conclusion

Earnings calls on January 29, 2026 will be watched for any hint of pricing shifts, incentives tightening, or volume softening. Policy risk is now part of the guidance conversation.