Take Aways and Tapeworms

Thursday, December 8, 2011

Credit and Debit Card Company's Swindle

In an article in the Wall Street Journal today, we get a look at yet another instance of corporate greed writ large, but on the shoulders of the small. MasterCard and Visa have eliminated the discount rate they had previously  given to small businesses for small transactions using a debit card. Essentially, they have decided to nickel and dime American consumers by hitting small businesses with fee increases. They have figured that if they can't get away with charging the consumer directly for the use of their debit cards, they can just as easily go through the back door. The effect of this change will be to force small businesses to raise prices on purchases under $10 or so.

So, given this "squeeze 'em till they bleed" corporate philosophy, The People's Rating Agency is issuing a rating of Triple-C, or junk-status, to the credit and debit card industry.

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