Monday, October 31, 2005

"Open letter and invitation to ACEC national chairperson, Susan Molinari" (source:

October 30, 2005

Ms. Susan Molinari

National Chairperson
Americans for Consumer Education and Competition
, Inc.
1023 31st Street, N.W.
Washington, D.C. 20007

Dear Ms. Molinari,

I applaud the monumental attention you have articulated in urging consumers to use debit cards "as a wise budgeting tool" and to also help limit overspending.

Based on your April 29th press release where you explained that "debit cards are fast becoming the card of choice for savvy consumers," as national chairperson of Americans for Consumer Education and Competition, your support can help advocate for an even better budgetary tool - cash.

Consumer groups across the nation are exploring a novel campaign for Friday, November 25th called "A Day Without Credit Cards, A Day With Cash." This national campaign on America’s busiest shopping day is being considered to draw attention to the billions of dollars in hidden taxes that consumers pay each year to Visa and MasterCard in merchant interchange fees.

This campaign would be lead by many consumer groups and only be directed towards retail stores and not ecommerce businesses. More information is available on The Credit Card Interchange Report:, which I co-edit.

In the coming days, as this campaign gains traction and media viability, your participation would especially help draw attention to the anticompetitive issues, especially as banks acquire the few remaining independent firms. It will also further your advocacy on behalf of educating consumers to better budget their spending, especially on November 25th.

Therefore, I extend this invitation for you to join "A Day Without Credit Cards, A Day With Cash." By lending your name and support, you would be prominently listed as one of the thousands of business leaders supporting this initiative.

Thank you for your consideration.


Mitch Goldstone
Co-editor, The Credit Card Interchange Report:
President & CEO, 30 Minute Photos Etc.,