Within one day of publicly opening dialogue on launching a consumer revolt against the banks which own the credit card associations, there is also an idea which can serve to help the hungry during Thanksgiving.
Forbes reported that 11% of the annual credit card purchases occur on the single day after Thanksgiving - known as "Black Friday." Subsequently, several ideas were presented following the beginning media coverage for GREEN FRIDAY - "A Day Without Credit Cards - A Day With Cash."
The Credit Card Interchange Report: WayTooHigh.com has received encouraging calls of support from consumers across the nation. The articles in Forbes and ConsumerAffairs helped draw attention to the program.
Many consumers were unaware of these interchange fees which equate to a $25-billion annual hidden tax paid from purchases on charge and debit cards. Conversely, in Canada, the interchange fee for debit cards is zero - yet the PIN network is their most popular form of electronic payment.
Among the recommendations were to ask retailers to donate the savings from conversions from credit to cash transactions to organizations which help feed the hungry during the Thanksgiving holiday. The suggests specifically called upon retailers to advertise and display signs throughout their stores explaining that on "Black Friday" when shoppers chose cash rather than a credit card a donation will be made to feed the hungry.
Specific groups like local "Meals on Wheels" and area food banks were among the most popular recipient recommendations.
[Source: WayTooHigh.com]
