Bills were introduced in both the House and Senate to delay “swipe fee reform” by at least a year and they call for a study of its potential effects. The new rules, scheduled to take effect July 21, would cap the fee banks can charge merchants for processing debit card fees at 12 cents per transaction. [More]
Shop Charges $.50 Fee For Credit Card Purchases Under $10
By November 10, 2010
I spotted a coffee shop charging customer a $.50 for using a credit card on any purchase that is under $10. It doesn’t break any laws, but it does violate their agreement with the credit card companies. [More]
Amex Slapped With Antitrust Suit, Visa & Mastercard Settle
By October 4, 2010
The Justice Department sued Amex today, saying that the restrictions it places on merchants were anti-competitive. According to the complaint, the rules “impede merchants from promoting or encouraging the use of a competing credit or charge card with lower card acceptance fees.” [More]
Fee For Paying With Plastic? Decision Nears
By October 4, 2010
The US Justice Department is said to be close to a decision on whether credit card companies can continue to forbid merchants from charging extra to customers who use credit cards to cover the cost of the credit card processing fees (usually 1-5% of the price). [More]
Why Won't Walmart Tell Its Employees They Can't Demand ID For MasterCard Purchases?
By September 27, 2010
Even though — as recently as last week — executives at both Walmart and MasterCard confirmed that it is against both companies’ policies to demand ID for credit card purchases, Consumerist readers and Walmart shoppers are letting us know that the hassle continues. [More]
MasterCard: Walmart Should Not Have Demanded ID For Purchase
By September 23, 2010
A couple weeks back, we brought you the story of Michael, a Walmart customer who was told it was company policy to require a photo ID on all credit card purchases over $100, even though that appears to be in violation of MasterCard’s merchant agreement. After trying to get someone at MasterCard to clarify/confirm their stance on ID-checking, Michael finally got the reply he was looking for. [More]
China To Exceed US Credit Card Use By 2020
By September 17, 2010
We don’t need to worry about China getting ahead, Mastercard said today that China is set to surpass the US by 2020 in America’s favorite pastime: using credit cards. It will only be a matter of time after that they implode on a consumer credit bubble, muahaha, exactly as we planned. See, you’re not the only ones that can export poison! [More]
NY Lottery Goes After Chase MasterCard Over 'Illegal' Fees
By September 17, 2010
A couple weeks back, we brought you the story of a reader who found out that Chase now considers playing the lottery as internet gambling — but only after they nailed him with exorbitant fees and sky-high interest. Now, the New York Lottery has turned the tables on Chase MasterCard, alleging that these extra charges are illegal. [More]
USAA And Mastercard Turn Celebrity Librarian Into Unwitting Consumer Scofflaw
By September 10, 2010
K.G. writes that she used her Mastercard to pay for a car rental from Avis. The card issuer, Consumerist darling USAA, assured her that the card provided insurance coverage for rental cars. Good to know! Except for how the insurance claim was denied, possibly because she used a coupon for the car rental. No one is entirely sure. The bill went straight to a collection agency without ever giving K.G. an opportunity to, um, actually pay it. Now she’s being penalized for ducking a bill she was never sent, and still can’t get a straight answer out of any of the companies involved. [More]
Walmart Demands My ID On Credit Card Purchase Over $100
By September 8, 2010
A reader named Michael wrote in to tell us about a recent trip to his local Walmart, where he and his wife picked up a pile of groceries totaling over $100. When his wife attempted to pay with her MasterCard at the register, she was asked for a photo ID. [More]
Add Discover To The List Of Credit Cards That Allow Minimum Purchase Requirements
By September 2, 2010
Yesterday, we told you how Visa and AMEX now allow merchants to require customers up to a $10 minimum for credit card payments and how MasterCard will soon be changing their policy to allow for the same. We’d naively hoped that Discover — who hadn’t yet replied to our query — would be the lone holdout, but… not so much. [More]
AMEX, Visa, MasterCard All Give Thumbs Up To $10 Credit Card Minimums
By September 1, 2010
For years, educated credit card holders have been safe in the knowledge that a merchant could not require them to purchase a minimum amount in order to charge something to their cards. But with the recent passing of the finance bill, the door has been opened to allow such minimums — and the card companies are just fine with that. [More]
"$10 Minimum For Credit Card Purchase" Signs May Soon Be Totally Legit
By May 21, 2010
As we all know, merchants are generally not supposed to mandate minimum credit card purchases. It’s a violation of the merchant agreements they sign with the credit card companies. (For more info, check out this article.) The proposed finance bill, however, may legitimize those handwritten signs if it ends up passing. [More]
Mastercard Spent $960,000 In Q4 To Lobby Congress
By March 30, 2010
Kaching, kaching, that’s the sound of Mastercard’s lobbyist’s coffers engorging. The credit card company spent nearly a million dollars in the 4th quarter to lobby Congress critters. By comparison, they spent only $680,000 in the 3rd quarter, and $510,000 in Q4 2008. Among the issues of keen interest to the big orange and yellow interlocking circle: overdraft fees, banking reform, interchange fees, issuer practices, and the Consumer Financial Protection Agency. The good thing about being Mastercard is that you can just charge all your lobbying expenditures.
MasterCard spends $960,000 in 4Q to lobby Congress [AP via LowCards]
If I Can't Check ID's, How Am I Supposed To Prevent Credit Card Fraud?
By February 18, 2010
We’ve told you that it stipulates in the contract between merchants and credit card companies that stores aren’t allowed to force you to show ID when you buy stuff, but what about the other side of the story? Alex is a 26-year old small business owner and Consumerist lover, but he doesn’t know how he’s supposed to prevent fraud if he can’t check people’s ID’s. Contrary to what some commenters assume, when a stolen credit card is used, the money gets yanked out of Alex’s bank account and he is unlikely to get it or the missing merchandise back. He gets jacked twice: once by the fraudster, and once by the credit card company. What should he do? Switch to cash only? His story, inside… [More]
Secret Credit Card Backdoor Numbers To Get Your Credit Increased, APR Changed, Etc!
By January 14, 2010
Want your credit line increased, APR lowered, or your declined credit card application approved? Begging and pleading with customer service not getting you anywhere except front row seats to your personal puddle of shame? Then give some of the “backdoor numbers” a shot. [More]
Sign The Slip Or Enter Your PIN? The Difference Is Fees
By January 5, 2010
The NYT has an interesting article about what does on behind the scenes when you make a purchase at a retailer with your VISA debit card. You typically have two choices — you can enter your PIN or choose to sign. When you sign the retailer has to pay higher fees to VISA. [More]
10 Reasons Why Gift Cards Suck
By December 2, 2009
When we announced the availability of free Consumerist anti-gift cards yesterday, we were surprised to see so many pro-gift card comments. So, we decided to put together a quick list of the reasons we think gift cards are lame — especially compared to cash. [More]
