TELL CONGRESS TO SUPPORT THE CREDIT CARD FAIR FEE ACT - HR. 5546
What You Don’t Know About Credit Card Fees, You Should
Posted Mar 7 2007 9:45 am | Comments (14)
We all know that credit card late fees, over-limit fees, and those “moving target” interest rates take a bite out of our wallets. But what you may not know, you absolutely should – and I’m referring to the fact that Visa and MasterCard feed off an even bigger revenue source called “interchange” fees that affect nearly every purchase you make– and they don’t want you to know about it. But, UnfairCreditCardFees.com is here to make sure you know about it because it’s your money.
Interchange is a percentage of each transaction that Visa and MasterCard banks collect every time we use a credit or debit card to buy something. The fee can vary depending on the card you use and where you use it, but it averages out to about 2 percent of every purchase and affects the cost of goods and services for all consumers whether we pay with plastic, cash or check. Don’t you think it’s time for the credit card companies to explain what is in all of their fine print and especially what’s not? We do.
UnfairCreditCardFees
Comments
As bad as the constantly increasing merchant fees are, (in an environment of increasing volume and decreasing costs for card outfits) the thing that really gripes me is the “non-qual” and “reward” card fees. These fees add almost 50% to my monthly processing costs. I am so tired of it, I am ready to stop participating altogether. Google checkout is one way through the end of the year at least.
Posted Mar 7 2007 9:45 am | Comments (14)
Hi
I received a promotion check for Chase Visa.
I read all the fine print and used the check.
Now they are charging me $99. They said that is there fee whick was in the agreement that I received 2 years ago when I opened the account.
What do i do now pay them?
Posted Mar 7 2007 9:45 am | Comments (14)
Why doesn’t the merchant get paid for filling out all the minature loans the banks are making at the merchants exspense ? Free equipment for processing should be provided as well and all fees should be paid by the card holder as the service is provided to the card holder.
Posted Mar 7 2007 9:45 am | Comments (14)
Hello, in my opinion consumers are also being victimized by the Credit Card Industry.
Please check out http://www.shareamillion.com
Pages two and three specifically relate to identifying and fixing what I believe are two of the biggest scams on the consumer side of this issue.
By the way, the credit card industry does create job opportunities for the entire world, but does that justify pushing programs that create indentured bill payers who end up paying more in interest than the original amount of money they borrowed?
Posted Mar 7 2007 9:45 am | Comments (14)
This is nothing new, it has been going on for years, just increasing their fees the less we pay attention.I paid off 4 credit cards within a year, to get out from under them. Then I made a settlement and finished making payments on another, and the last one, I am still making payments. Every time “They” change hands, or sell the account, I wind up not getting credit, or being able to make the payments to the right people. Now I have a judgment against me, and the payments are less than what they would have been if they had chosen to work with me. I have paid this card off at least three times over, due to their late fees, attorney fees, and whatever other fees there are and they didn’t tell. This time, the judgment was delivered by a deputy sheriff, and according to the law, what I own can be taken and sold to satisfy my debt. I almost welcome it, what little I have.
Posted Mar 7 2007 9:45 am | Comments (14)
The comment right above this one just proves that the more the banks abuse and squeeze the consumer, that that too hurts the merchants.
How does paying back three times what was borrowed help anyone but the already rich elite?
-http://www.credit-card-cap.com
-http://www.credit-protector.com
Posted Mar 7 2007 9:45 am | Comments (14)
I am challenging the credit card companies, Capital One in particular to take me to court. I want on the public record all of their hideous business practices.
Tip…Once you use a credit card, they make a unilateral change in the terms. They do not negotiate, therefore there can by no meeting of the minds therefore there is no contract and the entire agreement is unenforceable.
Do not pay judgements. Do not pay more than the credit card limit.
One of the biggest scams is the card that approves a purchase that puts a customer over the limit then tacks on an over-the-limit fees.
If they screw with you don’t pay. They can not squeeze blood out of a turnip no matter how hard they try.
Legal action is the only time they have to go into their pockets to defend themselves and they are deathly afraid to have their practices on the public record.
Resist and be strong. If enough of us do this to them they have no choice but to reform.
Posted Mar 7 2007 9:45 am | Comments (14)
Australian fees have NOT gone down, the retailers are just shifting it to the customer in the form of added fees for credit card payment.
Posted Mar 7 2007 9:45 am | Comments (14)
Credit card interchange fees are the third-largest expense for many chain drug stores after rent and the cost of labor.
Posted Mar 7 2007 9:45 am | Comments (14)
I don’t want to be very positive about this fee, but it’s their business and they are allowed to ask for a few if you are using their service: this seems very correct to me, maybe I’m wrong.
Posted Mar 7 2007 9:45 am | Comments (14)
When making a new credit card, the bank isn’t always telling you what you should know. When I got the contract I asked if I can take it home to read it and come back another day with it signed. They gave me some excuses and asked me if I could sign it right there.
Posted Mar 7 2007 9:45 am | Comments (14)
Thanks. Very interesting article.
Posted Mar 7 2007 9:45 am | Comments (14)
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Posted Mar 7 2007 9:45 am | Comments (14)
Thanks for making us aware of these aspects, many people come unprepared once they realize all these aspects tend to get angry on the credit card companies blaming them for different things. The best thing to do before applying for a credit card is to know everything that’s in your direct interest…
http://comparecc.com/Capital-One-Card.php
Posted Mar 7 2007 9:45 am | Comments (14)