Actually, the charge card associations and their member banks can be scrooges year-round, according how we interpret "The 12 Ways of Giving" Motley Fool profile today.
As Dan Caplinger for TMF (Dec 14) reported, during the holiday season it can be particular oppressive to non-profit charitable organizations which accept electronic payment donations. They can pay upwards of 5% in interchange fees when benevolent donors present their cards.
TMF Abstract: "...Keep your credit card in your wallet. Many charities accept donations by credit card in order to facilitate giving by donors. However, keep in mind that charities usually have to pay the resulting merchant interchange fees, which can be as high as 5%. Of course, using a credit card to give is better than not giving at all, but better still is a gift by cash or check."
Click here for a recent WTH commentary on how the banks can charge non-profits upwards of 5% to process electronic payments.
[Source: Commentary, WayTooHigh.com, via The Motley Fool]
