Sunday, July 23, 2006

"A Debit-Card Nation" (Newsweek)

Jane Bryant Quinn's ("A Debit Card Nation" July 31, Newsweek business column) appears to have had parental research help from the credit card associations and their advocacy groups. The recommendation calls for consumers to use debit cards. But, what is not explained are the lengths the financial institutions and consumers reach to urge retailers to process the cards instead as traditional credit cards.

Click here to understand why this is such a big, multi-billion dollar issue that rakes in the fees for the card associations' member banks.

Resource: Feb 3, 2006 posting - "'Debit-Card Fees Mask Bank-Sponsored Scheme,' Warns -- The Credit Card Interchange Report"

[Source: with reference to Newsweek].