Other than the oil companies, that is.
The Washington Post reports that “major credit card companies are reaping huge profits from rising gas prices because the fee that banks charge gas stations to process a credit card transaction is based on a percentage of the purchase price. As gas prices go up, the processing fee goes up.” Over the past year, the Post notes, the revenue generated by these fees has gone up 64 percent.
The Washington Post reports that “major credit card companies are reaping huge profits from rising gas prices because the fee that banks charge gas stations to process a credit card transaction is based on a percentage of the purchase price. As gas prices go up, the processing fee goes up.” Over the past year, the Post notes, the revenue generated by these fees has gone up 64 percent.
- KC's View:
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People are struggling, a large part of the country is suffering, and these guys are getting rich for doing nothing other than collecting more money.
We all ought to use cash or PIN-based debit cards and watch ‘em squirm.
