I nearly choked on my lunch reading the comments on a Yahoo story from Huffington Post about Visa cutting debit card swipe fees in Europe while raising them in the US. First the story;
Despite a recent study that found swipe fees are stalling the creation of nearly a quarter million U.S. jobs, Visa raised its debit card interchange rate for American retailers to .95 percent plus $.20 per transaction in April, according to the Retail Industry Leaders Association. In contrast, Visa Europe announced Monday that it would be capping transaction fees at 0.2 percent for the next four years.
A spokesperson for Visa, Inc. said the average Visa Debit transaction fee rose by less than 4 percent.
“Most of Visa’s U.S. debit rates have not changed,” she said. “Visa, Inc., did recently make a variety of program and interchange modifications to make digital currency even more convenient for consumers and merchants and to facilitate continued growth for Visa and its clients.”
A 4% increase. Terrible right? OK, so why aren’t Americans getting upset that low income earners are going to pay 50%-100% more in income taxes next year just by the President and Democrats doing nothing to extend the Bush tax cuts? If a 4% increase in the fee they pay at ATMs that don’t belong to their bank gets their panties wadded up, why aren’t more of them marching in the streets to extend the Bush tax cuts?
Well, here are some of the first comments on the article;
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