Op-Ed Contributor – Credit Cards and Hidden Fees – NYTimes.com

THESE days, it’s hard to find anyone who doesn’t use credit and debit cards regularly — they’re convenient and compact and often come with small cash-back incentives.

But what almost no one realizes is that those benefits are far outweighed by an implicit transaction fee, set by credit card companies and their issuing banks, that costs consumers more than $48 billion a year. As Congress works toward passing consumer financial reform legislation, it should include new rules about how — and how much — credit card companies can charge.

via Op-Ed Contributor – Credit Cards and Hidden Fees – NYTimes.com.

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