There are as many as 50,000 people may die in an accident 12th January, in Haiti.Therefore, many people from around the world who have credit card donations to help Haiti, but most of us do not know that it could make banks and credit card companies happy of it. From the recent report, Visa, American Express (AXP) and MasterCard have said to cancel all types of transaction fees for donations Haiti. It seems like too good to donors, namely, donors may suffer hidden costs for the transaction later. In general, credit card companies and banks generally get 2% to 3% decrease service charges.Therefore, businesses, credit cards and banks are likely to huge amounts of money from charitable donations, theapproximately $ 250 million a year, depending on the analysis of Huffington Post. In addition, many credit card company may refuse waice their fees after major disasters. This is because the company credit card to increase its profit in the short term by grants spike.In this respect, Capital One (COF) is the visible exception to this rule, the problem Giving Site No pay commission on donations. This means that 100% of the donation goes to its target. AXP announced that any processing fees waived for the donation, then how much business as really costs to business credit card? One expert says it’s much less than 3%. Of course, credit card issuers to obtain the benefit of charities, but not much. According to Ben Woolsey from creditcards.com, as any other trader, charities are only one of them, businesses, credit cards have declined in percentage profit for each transaction, but that is central to their business model.Generally speaking, charities could not really get a huge amount of the grant, without credit card transactions. Therefore, charities need to accept that not even the imitation. What about Haiti a disaster? Should be another exception? Many skeptics believe that transaction fees are just too well-tolerated, especially at this economic environment.
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ABOUT THE AUTHOR
Jason Johanson Lim is the author of The Hidden Fees For Assisting Haiti and Your Credit Card Debt. He always keeps himself updates with the latest information about finance. He has a blog about Independent Financial Advice and there are a lot of useful tips and guidance to assist you in your financial planning!
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