Wednesday, September 12, 2007

The Robber Barron's Had Nothing On This Interchange Fee Heist (Commentary,

This is shocking to merchants; it doesn't make sense, but it is making lots of dollars....

Crude-oil futures climbed into uncharted territory and have now reached $80.00 a barrel...

The result is record, windfall profiteering by Visa®, MasterCard® and its member banks.

Why exactly are interchange fees based on a percent of each transaction.

What, do they think they are selling real estate?

Even real estate brokers lowered their 6% standard commissions when housing prices reached record levels.

What are the banks doing to help during this fiscal energy crisis.

Our earlier proposal to the CEO's of Visa and MasterCard to rescind interchange fees at service stations remains one immediate solution.

See these prior related posts
"Credit Card Fees Siphoning Gas Stations’ Profit" (The Times-Tribune)

An Orgy of Credit Card and Bank Profiteering From Record Pump Prices (

Oil Surges Past Record High, Above $78 a Barrel; Yields More Windfall Profiteering For Banks (

Visa® and MasterCard® About $1.50 Per Fill-up

Open Letter to Visa® CEO: suspend gas station credit card interchange fees to help motorists save ~$1.50 per fill-up

"More Windfalls At The Gas Pump" (Forbes)