In brief, payment card companies are piggybacking on public systems and guarantees to gouge the American public, especially with credit cards. They act as middlemen, skimming fees off transactions and using their size to bully businesses into accepting their terms — who then raise prices on all consumers. The associated profits, both for Visa and company and the issuing banks, are effectively a tax on everything Americans pay for.
Also, two other credit card facts I learned this weekend:
- KMart doesn’t accept American Express
- Audible (despite being owned by Amazon), doesn’t accept the Amazon Store Card.