Released: February 08, 2008
Card issuers invest in DC
Money from fees, usurious rates is recycled as political contributions
Source: USA Today "Our View"
The economy's sinking. Maxed-out consumers are struggling to pay bills. And credit card issuers? They're busy trying to wring more money out of their customers. Bank of America, for example, is raising rates on some cardholders, even responsible ones who typically pay their bills on time, USA Today reported Thursday. Other issuers have shortened grace periods or hiked already record-high fees. In fact, under existing law, card issuers can raise rates "at any time, for any reason." As for fees, the sky's the limit. For years, banks have gotten away with such practices because they've known how to invest their money — or should we say, your money — wisely:- In the past two decades, employees and political action committees of three of the nation's biggest credit-card issuers and their trade association have lavished more than $74 million on candidates in federal elections and political party committees.
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