Court grants preliminary approval of Visa merchant settlement; final approval still pending

Correction (October 2026): An earlier version presented the settlement terms as already in effect, said they applied to Canadian merchants and was dated July 24, 2026. The court granted preliminary approval on June 9, 2026; the terms concern U.S. merchants and are subject to final approval.

Visa said the U.S. District Court granted preliminary approval of its MDL settlement. According to Visa, the terms include: more options to surcharge credit, including if merchants do not surcharge other credit networks; a choice whether to accept U.S. credit cards in distinct categories (commercial, premium consumer and standard consumer); a 10 basis-point reduction in the U.S. combined average effective credit interchange rate for five years; a five-year cap on posted U.S. credit interchange rates, with standard U.S. consumer credit rates capped at 125 basis points through the term of the agreement; and a new merchant education program. The settlement is subject to final approval by the court.