Did Credit Card Companies Profit from Haiti Donations?
Did Credit Card Companies Profit from Haiti Donations? Monday January 18, 2010#spacer{clear:left}#abc #sidebar{margin-top:1.5em}zSB(3,3) After being criticized for profiting from donations to the Haiti earthquake, major credit card companies announced they would waive some fees. Normally, credit card companies charge 1%-3% for interchange. These fees contribute $45 billion in revenue for the companies. Of this, $250 million is from charitable contributions. The economic impact from Haiti’s earthquake is devastating. Between 100,000-500,000 people were killed by the earthquake. That is 1%-5% of the total Haitian population of 10 million. Haiti’s economy had just started to pick up, thanks to the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act. This helped the local clothing industry by removing tariffs on exports to the U.S. Now, investors will be spooked by uncertainty caused b
Did Credit Card Companies Profit from Haiti Donations? Monday January 18, 2010#spacer{clear:left}#abc #sidebar{margin-top:1.5em}zSB(3,3) After being criticized for profiting from donations to the Haiti earthquake, major credit card companies announced they would waive some fees. Normally, credit card companies charge 1%-3% for interchange. These fees contribute $45 billion in revenue for the companies. Of this, $250 million is from charitable contributions. The economic impact from Haiti’s earthquake is devastating. Between 100,000-500,000 people were killed by the earthquake. That is 1%-5% of the total Haitian population of 10 million. Haiti’s economy had just started to pick up, thanks to the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act. This helped the local clothing industry by removing tariffs on exports to the U.S. Now, investors will be spooked by uncertainty caused b
