Visa and Mastercard ask the court to approve the swipe fee settlement. The hearing is November 16

The US merchant settlement over Visa and Mastercard swipe fees has a date. Judge Brian Cogan will hold the fairness and final approval hearing on November 16, 2026, at 11:00 a.m. in Brooklyn. In the meantime the card networks have told the court that the merchants and trade groups objecting to the deal are recycling arguments it has already rejected.

What happened this month

On Wednesday, October 14, Visa and Mastercard filed a joint reply to the objections, Payments Dive reported. They described Walmart and several large trade associations as "no more than a vocal minority" of a class of more than 12 million merchants, argued that the objectors overestimate their chances at trial, and asked the court to reject Walmart's request to be allowed out of the class.

Class counsel for the merchants filed their own reply the same day, under seal. The judge asked the lawyers to propose redactions so he could weigh confidentiality against public access. Separately, class counsel objected to a request for $36 million in "objector fees" from 18 merchants, including Yum! Brands, that settled their own damages claims in a related case.

What the settlement would do, if approved

• Trim credit interchange by 10 basis points for five years.
• Cap standard consumer credit cards at 1.25% for eight years.
• Let merchants decline some higher-cost premium and commercial Visa and Mastercard credit cards, a break from the honor all cards rule.
• Expand when merchants may surcharge credit cards and offer discounts to steer customers toward cheaper ways to pay.

The official settlement site is clear on two points that matter to a restaurant owner. If you accepted Visa or Mastercard in the United States between December 18, 2020 and June 9, 2026, you are in the class, and you do not have to file anything to benefit from the rule changes. You also cannot opt out of this part of the case. The deadline to object was September 14, 2026.

What we'd suggest doing

Don't reprice your menu around a settlement that hasn't been approved. Nothing in it binds anyone until final judgment is entered.

Don't confuse it with the money. This settlement changes rules. The older damages settlement is the one that pays merchants, and we explain how to tell them apart in Two Visa and Mastercard settlements, and only one is paying you.

Know your current number. A 10 basis point trim is $100 a year for every $100,000 you run on credit. Most operators we audit find more than that in their own statement, in the rate, the per-transaction fee and the monthly extras. Our ten-minute guide to your effective rate shows you how to check, and our cash discount program page explains why a discount from one posted price is a different thing from a surcharge.