Who Will Waive Their Fees for Haiti?
| January 14, 2010 |
When there is a tragedy such as the recent earthquake that struck Haiti, there are millions of people looking to offer whatever they can to help. For many, the best way to contribute is by giving money donations, which on many accounts are given by way of credit card. However, while the money is given in hopes that all will be put to good use, it may be surprising to some that up to 3 percent of their donation amount will be pocketed by credit card issuers as what is known as a "transaction fee". While it may not seem like much to some, when you calculate the number of people that are giving and the amount of money that is donated it ends up being millions of dollars that could be spent to help people in need.
While a transaction fee is utilized for nearly every purchase, not every credit card issuer takes a cut when the money is given for charitable purposes. While one has a website that is completely dedicated to charities another issuer makes exceptions when it comes to disasters such as that in Haiti. Capital One which as the "No Hassle Giving Site" gives 100 percent of that given to the respective organization. Also in the past American Express has routinely waived the fee after natural disasters have struck.
As more people decide to help by donating to the cause, we can only wonder if the whole amount giving by credit card is received. Hopefully many if not all credit card companies will waive their transaction fee, because for a country like Haiti every donation no matter how big or small counts.
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