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SUPPORT Credit Card Fair Fee Act - U.S. Congress
Fed Up With Ever Increasing Credit Card (Interchange) Fees?
It's Time For You To Help Do Something About it!
SUPPORT Credit Card Fair Fee Act:
Easily send the email below to your U.S. Congressional Representatives - it's up to all of us to get this bill passed!
Your KGA/KACS works closely with NACS, FMI, NGA, and the Merchants Payments Coalition to create a change in the way the credit card Interchange system is currently structured. As such, our industry association friends in Washington have been working with Congressional leaders on the Credit Card Fair Fee Act of 2008 to make change happen. Basically, It's Showtime and every Kentucky retailer contacting their representative is critical!
| Sample Letter for Campaign |
Subject: STOP THE HIDDEN TAX ON AMERICANS - Please Support Credit Card Fair Fee Act
Dear [ Decision Maker ] ,
As you may recall, members of the Kentucky Grocers Association and Kentucky Association of Convenience Stores (KGA/KACS) have met with you in Washington to discuss merchant credit/debit card fees (Interchange) and the hidden tax these unfair fees place on businesses and ultimately, Kentucky consumers.
As voter and member of the KGA/KACS, I urge you to support the bi-partisan "Credit Card Fair Fee Act".
A few facts illustrating the magnitude of the problem are provided below:
-Nearly two dollars of every $100 the consumer spends on credit cards goes directly to the credit card companies.
-Americans paid over $36 billion in interchange fees in 2006, about twice what was paid in credit card late fees.
-These fees inflate the cost of nearly everything consumers buy even when they pay by cash.
-Credit card interchange fees have risen 117% since 2001 alone.
-Only 13% of the credit card interchange fee now goes to pay the real cost of the transaction, the rest goes to things like advertising and credit card junk mail.
There are three basic approaches to fixing the type of antitrust problem presented by Visa and MasterCard: 1) Break them up like Congress did with AT&T; 2) Have a regulator set prices similar to the regulation of a public utility; or 3) Provide a mechanism to balance the market power and allow competition in the market.
Your Kentucky grocers and convenience store operators urge Congress to take the third approach and adopt the Credit Card Fair Fee Act sponsored by Representatives Chris Cannon (R-UT) and John Conyers (D-MI). I urge you to support of this bi-partisan legislation.
This solution would do the following:
-Allow Market Negotiations
-Establish a Fair Way to Decide Disputes
-Target the Solution to the Problem
Providing a way for merchants to negotiate and balance the market power of Visa and MasterCard is essential to creating a functioning market where none exists today. The bottom line is that this system will lead to negotiated market rates that are competitively set.
I wanted to let you know your grocery, supermarket, and convenience store owners in Kentucky are counting on your help in passing this legislation.
Sincerely,
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