bearfund

Why I'm Still Out of Mastercard and Visa

ksmithdc, what exactly is unethical about these companies? They don't issue cards and they don't extend credit to individuals. They are not the people suckering in grandma with zero-interest offers and then punching her in the gut with 2-cycle billing, 30% interest, and universal default (and, frankly, this isn't even unethical in my view - these terms are clearly spelled out in every offer; if you don't like them, don't take the card!). V and MA are nothing more than financial plumbers. They process payments and collect small fees from them. And before you start talking about how ubiquitous credit has doomed people ill-equipped to service such large debts, remember that these companies do the same things for debit payments that they do for credit. A wholesale and abrupt end to the individual credit regime would only harm these companies to the extent that overall transaction volume would decrease (i.e., that people can't actually afford the purchases they currently make and would have to cut back) - it's unlikely that many people will suddenly switch from plastic to paper. If you have an ethical problem with these guys, it should be over antitrust considerations - which have already cost both companies dearly.