Credit Card Companies like Visa and MasterCard Fees Subject to Act; MasterCard Charges and Interest Rate Notes
Posted on | September 18, 2010 | No Comments
Credit cards are turning business around every corner and with recent legislation that went through Congress, they are having a more difficult time. Companies like MasterCard and Visa must now abide by new rules and regulations as they relate to the new CARD Act that was recently signed into law.
This Act makes drumming up the same old business a little more difficult and it also makes it more difficult for credit card companies to charge penalties and high financing fees. All of this has led to credit card companies expanding horizons and looking for other ways to recoup any loss that might stem from the restrictive legislation. MasterCard has recently made news as it has been accused of charging its customers extra fees and higher interest. It seems that MasterCard has moved lottery purchases into a category with dog racing and horse racing and thus is subject to higher charges than other types of purchases. MasterCard states that the higher fees are related to higher processing fees and interest rates that are set by the banks and not MasterCard. MasterCard reports that it is following rules and regulations as they relate to the Act.
Author: Stephen Johnson