bikermike

Here's something to think about,

Merchants are getting so tired of the fees that there's a new credit card company that has been launched called Revolution Money which avoids the high interchange fees. Many big names are part of the company like Steve Case (former AOL Time Warner Chairman), Frank Raines (former CEO and Chairman of Fannie Mae), Larry Summers (Former Secretary of Treasury, President of Harvard) and more.

Do you think this will end up being a big competitor against credit cards?

There's legislation in the house and senate which would allow merchants to bargain collectively with credit card companies to negotiate their fees. Mastercard has capped the fee on gas purchases of more than $50 but this all might be coming too late. I can see why these mom and pop shops are getting angry over the high fees so this new thing may actually have a chance.