Fuck Visa & Mastercard...those Fucks!
 

http://www.usatoday.com/money/indust...it-cards_x.htm


Credit card war may loom at banks
By Jayne O'Donnell, USA TODAY
Banks that offer Visa or MasterCard can begin offering competing credit cards after the Supreme Court refused Monday to hear an appeal of a lawsuit in the case.
The court's action is expected to increase competition among cards, perhaps spawning better rewards programs, new features and, less likely, lower interest rates.

The Justice Department sued Visa USA and MasterCard International in 1998, saying that prohibiting member banks from offering other credit cards violated antitrust law and hurt consumers. The practice had been in effect since 1974.

David Nelms, CEO of Discover Financial Services, says being able to offer its Discover card through banks will increase market share, cut marketing costs and allow for more innovations such as the tiny "key chain" credit card it was first to offer two years ago.

Shortly after the Supreme Court's announcement, Discover sued Visa and MasterCard, seeking damages for being shut out of the bank card market. American Express says it may file suit, too.

Visa lashed out at its competitors. "Today's ruling doesn't change the fact that American Express (AXP) still faces the problem it has always faced: Consumers who want an American Express card either already have one, or know how to get one," says Visa Senior Vice President Daniel Tarman. "Access to the market has never been American Express' problem. They have a product problem."

MBNA (KRB), one of the largest card issuers, said Monday that it will offer an American Express card. Other major banks are expected to follow.

American Express doesn't plan to cut merchant fees, which are higher than MasterCard's and Visa's, spokesman Tony Mitchell says. Instead, it hopes to attract more merchants by adding members.

Credit card analyst Robert McKinley says the move could "spark a perks war," increasing the value of rewards programs.

As for greater consumer choice, consumer lending consultant Stuart Feldstein of SMR Research doesn't see much benefit. "There's just a blizzard of choices for consumers who want cards that have different features." Still, "For consumers, it's just kind of nice to see there's someone out there looking to prevent coercion against competition."

Score one win for consumers!

Eventually when you fuck over enough people things will start to go bad for you. Fuck those fuckers!