Stop Making Visa and Master Card Rich

Visa Inc. and MasterCard Inc. are trying to derail legislation sought by retailers that would create a US government tribunal to set fees that the credit card companies’ member banks charge merchants. The fees yield an estimated $42 billion in revenue annually. You and I ultimately pay those fees! Congress probably will not pass the bill this year as sponsors build wider support for it. What can you do? Pay for your purchases with cash or checks instead of credit and debit cards. It is no secret that retailers who accept credit and debit cards are charged a fee for every debit and credit card transaction. This fee can be as low as a few cents or up to close to 6 percent. Retailers have this fee figured in on the selling price of their products. I have seen some stores post a cash or credit price on their products. This seems to be popular at gas stations. It would be great if we could all save a few percent when we check out at the store. Next time you fill up, pay with a wad of twenty-dollar bills.