Rep. Peter Welch speaks up about credit card fees

The credit card associations and the banks that support them have gotten away for too long without answering serious questions about their practices, and at long last, tomorrow there will be a hearing on Capitol Hill to consider the Credit Card Fair Fee Act - HR 5546. It hasn't had the same press as the Credit Card Bill of Rights but it is no less important, and I say that not just because I work with the merchant group that has done tons of work over the last couple years to bring the issue to this point.

One co-sponsor of the bill who speaking up on the issue is Vermont's Peter Welch, one of the best progressives we have in the House. Comments from Welch and more details via the Rutland Herald below:

There's more...

Credit Card Companies Lying? Yes Way, Ted!

Strange things afoot at the Circle K...

I read very closely about what's happening with the credit card industry, and I know when they're trying to put one past a reporter. Especially a small-town reporter that they probably don't expect to do all the research on a story that a member of the SCLM would. So imagine my (mock) suprise to find a MasterCard spokesperson trying to sneak one past a reporter for the Valley News of White River Junction, Vermont.

What do they know in Vermont anyway? Enough to make  MasterCard look not just deceptive, but inept at doing it. Details after the jump.

There's more...

Credit Card Fees Force Red Cross to Impose Minimum Donation Amounts

The great thing about giving to charity is that you give what you can, even if it's a small amount. I didn't always think of it this way. I used to think that my donations wouldn't matter unless I could give large amounts of money. And in fact, I didn't give anything until Hurricane Katrina. Before that I was in school, and what little money I had was earmarked for Ramen. Could I have given a dollar or two for various causes? Yes, but I figured it wouldn't be worth it. And so I waited until I was done with school, and ensconced in a job with a livable wage, until I started giving back. And even now, I'm only making enough that it's 25 here or 50 there.

So that's why I'm upset to see that now Red Cross is now requiring a minimum donation amount before it will accept your donations over the web.

But I am not upset with Red Cross. And you might recognize that sign as one similar to the ones you see next to the cash register at coffee and sandwich shops and independent convenience stores. They're all facing the same problem...

There's more...

Europe Can Rein in Visa and MasterCard... Why Can't We?

MasterCard's profits surged 70% last quarter, AP is reporting just this afternoon. The profit alone was $214 million, and it's a company record.

Here's what I want to know: We get upset when oil companies reap outsized windfalls on the backs of everyday consumers. Why don't we get similarly outraged when the credit card companies do the same?

I attempt to answer that below the fold...

There's more...

Visa Wants You To Pay More, State Dems Starting To Take Action

I hope you like paying for things you didn't know you were paying for, because you're about to get to do a lot more of that soon. Last month I noted that new MasterCard interchange fee rates were going to put the hurt on merchants and consumers alike. Well, this time it's Visa, and if they have anything to say about it (and they do) you'll be paying more at the register without even knowing about it.

But it's not all bad news. Thanks to the efforts by Carl Levin and Chris Dodd, targeting the "tricks and traps" and hidden fees by the big card companies (i.e. the banks -- J.P. Morgan Chase, Wachovia, Citi, etc) are starting to pay off, because state lawmakers are starting to introduce legislation to attack the issue.

Read on:

There's more...

Diaries

Advertise Blogads