A $38 billion settlement gives merchants a right they have never had: the ability to decline specific premium card categories. The rate cut is small, but the end of honor all cards is a fundamentally different lever.

The threshold forcing merchants off OptBlue and into a direct Amex agreement just tripled, from $1 million to $3 million, effective April 2026. Merchants scaling their Amex volume now have three times the runway before facing that relationship.