Congress is finally doing something about Credit Card fees -which have gotten out of hand lately. If you go to Best Buy, and use your Wells Fargo card – they are going to charge you a little extra in some cases – because the fees charged by the Big Banks for credit card use is so high!
The good folks in Congress are writing bills to reform this process. Both the House and the Senate recently passed reform bills to, in part set limits on the swipe fees currently being charged to retailers when consumers use their credit cards.
The bills from the House of Representatives, and the one passed by the Senate are slightly different – so there is an effort to make a joint committee with members of the two chambers to come up with one bill. Master Card, Visa and American Express have a “monopoly” according to some members of Congress, and they are charging unregulated fees to the Banks – which of course are passing that cost on to both the Consumer and the Retailers.
“Year after year, the credit card industry extracts billions of dollars from small businesses around the country,” Rep. Peter Welch, D-Vt., said in support of the compromise legislation. “Using their monopoly power, Visa and MasterCard run up prices every time a credit or debit card is swiped, leaving small card is swiped, leaving small businesses and consumers to pay the price.”
Want to know more about credit card fees, secured credit cards and which credit cards are the best ones to have in order to raise your credit score? Contact Steve and Eleanor Thorne, 919 649 5058 or leave us a message below and we will try and answer it for you!