WashingtonWatch.com - Comments for H.R. 5546, The Credit Card Fair Fee Act of 2008

• Comment by Phil (November 20, 2008, 14:40:03)
  This is not the time for credit card companies to be raising their percentage rates. HSBC is doing just that. I wonder if they received any of the rescue funding?...
• Comment by Dan A (August 12, 2008, 17:33:35)
  I sell merchant services for a living. The only company that benefits from this is Walmart and Target. The FTC(Federal Trade Commission)and DofJ have both said this is an anti-consumer bill. Interesting how the Democratic is a lap dog to the Arab controlled Association of Convenient Stores. I don't hear anybody in Congress complaining that a 3 pack of diapers costs $7.95 at a C-store! Who are the democrats protecting, big business and foreign based small business owners who ship all of their profits overseas. What a joke! Just another example of idiots like Dick Durbin, John Conyers and all the other anti-american, pro-terrorist organizations. LET ME TELL YOU< IF YOUR CREDIT CARD RATES AND FEES ARE 8%-YOU ARE A FOREIGNER RUNNING A GAMBLING WEBSITE. Not a mom and pop store selling everyday items. Their average is about 2% after all fees. A cost of doing business.You people do realize APR's would increases dramatically as well as eliminating all reward cards. Thanks alot DEMOCRATS....
• Comment by Jim C (June 10, 2008, 18:47:29)
  It is important for limits to be set on these transaction fees since the lending industry is not being rational with the real cost of these fees and only use them for profiteering for no actual product. The banks cannot police their scruples regarding the housing industry or regarding transaction fees so someone needs to take the lead in reducing the fees. 4% like an earlier comment is far higher than is needed for electronic transactions. The bit rate is too high....
• Comment by Amrish (June 10, 2008, 16:40:06)
  last month i paid 4.8% in transation fee, which is $1145 In credit card fees. this month i jump my price by 4%, i hate to pass it on to customer but i have no choise. i think this bill will really help the business owner and customer. Think about people with Gas Station business, they also have to pass on the price to custome to make any money. i would fully support this bill....
• Comment by S.R. Pond (May 4, 2008, 21:51:21)
  Banksters are running amok. A city garbage service bill of $20 charges nothing for debit payment yet a bank loan payment may cost you $9.95 to pay online or over the phone. Card fees rip-off America. The big banks learned from CAP ONE (aka CAPONE) how to fool congress about "high risk rates" (that actually earn them 400%) and play the shell shuffle game to hide the multiple fees that make them trillions....
• Comment by Scott (March 10, 2008, 18:17:53)
  Price ceilings are generally put into place to protect naive consumers, not sophisticated merchants. The Sales Organizations who currently service merchants can hardly afford to pick up their phones as it is, not because of a price ceiling but because of the extremely competitive environment in our industry. This bill will put a stranglehold on the payment industry that will limit development of innovation and the ability for merchants to receive excellent service. Ultimately this bill will only benefit the largest retailers and the small business merchant will be paying the freight through higher fixed monthly costs to keep their accounts open....