Credit card companies continue to reap large profits from people who give to charity. This must stop.
Credit card companies must stop profiting from disaster.
Credit card companies siphon off upwards of 3% of all charitable donations as so-called "transaction fees." While 3% may not sound like much, it adds up quickly. The Huffington Post reported that "credit card companies and banks make as much as $250 million each and every year from these fees, a number that increases greatly in times of crisis." This is an unconscionable amount of money to take away, money that is vital for relief and development across the globe.
The major credit card companies — Visa, MasterCard, Discover, and American Express — responded to public outcry against this practice after the 2010 earthquake in Haiti with half-measures and smoke and mirrors. They chose a very small group of charities which would be exempt from those fees for a very limited amount of time. Donations sent to help respected organizations in Haiti — such as those to Partners in Health, Doctors Without Borders, and Mercy Corps — were still subject to excessive and amoral fees.
Every penny of a charitable donation must reach the people and groups intended to get it, who need it most. Waive all transaction fees, for all charitable donations, for all time. Credit card companies must stop profiting from disaster.
