Credit Card Issuers On The Spot
Christopher Conkey reports for the Wall St. Journal on today's Senate Banking Committee hearing examining the "disclosure, marketing and billing strategies of credit card firms" - saying that "With Democrats now in control of the agenda, the microscope is being focused on how terms offered by banks and credit-card networks burden many consumers." See the Committee's web page for details on today's hearing.
The banks will basically do whatever they can to get out of disclosing their rules they set for Visa and MC accepting merchants. Here's hoping Chris Dodd makes some headway to real disclosure, beyond just publishing excerpts of their top-secret rate schedules.
Seriously, secret fees. What I wouldn't give to download that PDF.
Posted by: farood | January 25, 2007 at 09:44 AM