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September 07, 2005

Credit card companies ripping consumers off?

Good old England or rather Scotland thinks that credit card issuing banks charge too much in various fees. The rough amount of excessive billing is at least £100 million. That is close to $183,500,000 in today's exchange rates. The high end is about twice as much. The credit cards in question are those of MasterCard. Office of Fair Trading, which is British government consumer watch dog group, has found that MasterCard's transactions from March of 2000 to November of 2004 overcharged consumers to the point that it looked like an extra taxation.

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