According to the report, which cites people familiar with the matter and documents consulted by the WSJ, the fee increases are scheduled to begin in October and April.
According to the WSJ, many of the increases will apply to online purchases.
Visa and Mastercard did not immediately respond to Reuters requests for comment.
An interchange fee is the fee a merchant pays to the card-issuing bank each time a consumer uses the card. Increases in fees that merchants pay to card issuers are often passed on to consumers, regulators have previously noted.
Mastercard shares rose 1.21% and Visa 0.79%.