With almost 1,000 posts since our battle against Visa and MasterCard began in 2005, we have a milestone to announce.
It is not just the multi-billion dollar interchange fees that are at record highs. Even gold and oil’s record highs today are not in a field of their own. WayTooHigh.com - The Credit Card Interchange Report also recorded its highest number of recent daily visits today. And, to think, we are not even a cartel – just entrepreneurs taking on the banks and Visa and MasterCard!
While we are heartened that the credit card associations, banks, their legal teams, advocacy groups and major media outlets are also regular readers of WayTooHigh.com, it is much more reaffirming that we are also visited each day by America’s largest multi-national conglomerates and small mom-and-pop stores.
Sunday’s Academy Awards telecast and MasterCard’s commercials will be a reminder that gimmicks and visibility do not trump the law and conviction of outrage by its cardholder and retailer customers. This Sunday, it’s the Academy Awards MasterCard commercials, then this Summer, during the Olympics, it will be Visa’s turn to spin their story.
During the 60-second MasterCard spots on Sunday’s Academy Awards, think of the single mom walking into a corner convenience store in the inner-city, rather than the planned MasterCard sweepstakes contest they will instead be promoting. Back to our profile: The mom walks in, buys a gallon of milk for cash and thus subsidizes the signature cardholder’s free trip to Europe from an identical purchase of milk because they paid with a premium signature MasterCard. The merchandise cost the same, but the interchange expense is shared by the cash paying shopper. Then, ask the question: why exactly is the person paying with cash subsidizing the frequent flier mileage gained from affinity cardholders? It would take an Academy Award performance to explain how that is a fair transaction.
Our readers are part of the reason we want to incite millions of merchants and consumers to stand up and say enough to the nearly $40 billion in hidden fees forced upon us by Visa, MasterCard and its member banks. There is no choice and there is no competition.
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