The Credit and Debit Card Industry, Take 2 | Mother Jones


The problem here is twofold: (a) the fees themselves are non-transparent to consumers and (b) they’re administered by an effective monopoly. There are lots of banks and credit unions that issue credit and debit cards, but two companies — Visa and MasterCard — control the vast bulk of the payment network and set the interchange fees. Even the most ardent free marketers usually concede that a combination of monopoly power and opaque pricing is a problem, and that’s what we have here.

READ ARTICLE via The Credit and Debit Card Industry, Take 2 | Mother Jones.

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