Who sets interchange fees and how often do they change?

Who sets interchange fees and how often do they change?

Who sets them: Interchange fees are established by the major card networks (Visa, Mastercard, American Express, Discover) and paid to the issuing banks. Networks publish the fee schedules and the issuing banks implement them for specific card products (consumer, business, rewards, premium).

How often they change: Networks update interchange tables periodically — commonly on a semiannual schedule but timing varies by network. Visa and Mastercard typically publish scheduled updates (often in spring and fall), while American Express and others may follow different cycles or make targeted changes more frequently. Issuers can also adjust fees when they launch or modify card programs.

What merchants should do:

• Subscribe to network and acquirer bulletins and request current interchange tables from your processor.
• Ensure transactions are coded correctly (MCC, card-present vs. card-not-present, chip/EMV, 3DS) to qualify for lower rates.
• Use level 2/3 data, proper authorization indicators, and smart routing when available to reduce interchange costs.

For exact rates and effective dates, check the card network notices or ask your acquiring bank.