CMSPI estimates that credit routing competition could have resulted in over $17 billion1 in annual interchange savings in 2024, up from $16.4 billion in 2023.
As reported in CMSPI’s 2025 State of the Industry Report, credit card interchange and network fees account for over 50% of the total estimated $236 billion in 2024 card fees paid, while credit cards account for an estimated 40% of total U.S. spending.2
Unlike the credit card market, debit card fees have been largely flat since 20123 - the result of interchange caps and network routing guarantees, which CMSPI estimates has introduced up to approximately $5 billion in annual savings for U.S. retailers and consumers.
Based on state-level economic activity for calendar year 20244, CMSPI estimated each state’s total annual card fees, share of annual credit card interchange, and expected share of the $17 billion in savings.
Drawing on publicly available data and established methodologies, CMSPI estimates that full realization of the projected savings from the CCCA could result in a gross gain of approximately 54,000 retail jobs in the first year.5
1 This analysis draws on publicly available data, including annual reports from covered global networks, and Federal Reserve reporting on average Interchange and public reporting on CCCA coverage.
2 WorldPay Global Payments Report (2025)
3 https://www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm
4 https://www.bea.gov/data/consumer-spending/main
5 The jobs estimate applies the same methodology used in Robert Shapiro’s 2013 report, The Costs and Benefits of Half a Loaf: The Economic Effects of Recent Regulation of Debit Card Interchange Fees, which estimated job growth resulting from the Durbin Amendment’s debit card interchange caps. CMSPI updated Shapiro’s inputs to reflect changes in wages and retail labor investment since 2013, and applied the model to the proposed and estimated savings under the CCCA.
