Word: mastercard
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Dates: during 2000-2009
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...does. And so far as the Department of Justice is concerned, maybe a lot better. Its antitrust division spent the summer trying a complex--some argue convoluted--case against Visa USA and MasterCard International in the U.S. Southern District of New York, in Manhattan. The two-year-old suit alleges that the associations, which together control more than 75% of the credit-card market, have conspired to keep Americans frozen in a sort of mid-'80s dark age of consumer-payment mechanisms...
...this week. The Federal Election Commission ruled that Buchanan is entitled to the Reform Party's $12.6 million in matching funds, which makes him one of the nation's larger welfare mothers. And a federal judge ruled that Nader may continue running a TV commercial that parodies those of MasterCard. Given the continuing controversies over Gore's fund raising and Bush's commercials, it is obvious which are the two serious candidates...
PUMP IT DOWN To relieve the sting of recent gas hikes, think about ditching your oil-company credit card for a gas-rebate card. Today almost all major oil companies offer co-branded cards with Visa or Mastercard that promise rebates of 1% to 5% on gas and gas-station purchases. Considering most of the cards have no annual fees, it's not a bad deal--unless you carry a balance. With APR rates as high as 24.4%, those who don't pay promptly will get less mileage out of their dollars...
...under the companies' collective thumb. Most American consumers are familiar with the tag line for Visa's advertising campaign touting the company's omnipresence: After describing some tantalizing vacation spot, hotel or safari, the voiceover intones, "And they don't take American Express." The merchants in question, according to MasterCard and Visa detractors, don't take American Express (or anyone else's card) because they're under considerable pressure not to. In a class action lawsuit distinct from the DOJ case, 4 million retailers have joined in a suit against the companies, charging undue market control. Visa and MasterCard have...
...despite the grim realities of Visa and MasterCard ubiquity, there could be a silver lining in all this for consumers. While the DOJ case could take most of the summer to unfold, the cumulative effects of such intense negative media scrutiny could become apparent much more quickly - Visa and MasterCard customers should keep an eye out for peace offerings (in the form of lowered monthly interest rates or other acts of magnanimity) over the next few months...