Banks may raise annual fees on payment cards and curtail perks for consumers if Congress adopts limits on transaction fees, MasterCard Inc.'s president, Ajay Banga, said Thursday.

Banks will have to look at all their revenue streams tied to cards because the impact of the overhaul proposed by Sen. Richard Durbin, an Illinois Democrat, will be too big to ignore, Banga said during an investor conference sponsored by UBS AG.

Banga said there's a "healthy" debate going on in Congress about the Durbin proposals and he does not know how to predict the outcome.