Credit Card Bill To Be Voted In The Full House
Good news for card carrying citizens, and for all who are planning to apply for a credit card. Legislation has been voted by the House Judiciary Committee to pass on to the full House for a vote. The bill (Credit Card Fair Fee Act of 2008, spearheaded by committee chairman John Conyers) will allow more control on credit card interchange fees which will benefit merchants, retailers and customers. Merchants and retailers will be able to negotiate interchange fees and the costs incurred in credit card and debit card purchases.
The current situation is, the interchange fees that are set by banks and credit card companies shoot up along with the prices of consumer goods. Merchants and retailers claim that they no longer make any profits when a purchase is made using credit or debit cards. They say that the banks and the credit card companies collaborate to set the fees, and they have nothing left to do but to accept set terms. What this entails is that the costs of interchange fees are passed on to customers by way of increasing consumer goods prices.
All we can do is keep our fingers crossed and hope that this bill gets signed into law.
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