Friday, January 15, 2010
Credit Card Companies Waiving Fees
In light of the tremendous devastation in Haiti since the earthquake, overwhelming philanthropic response individual donors and public pressure, American Express, MasterCard and Visa have announced that they too are waiving administrative fees typically associated with credit card donations. This move follows the waiving of fees initiated by text donations processors, as we discussed previously.
The big three have placed some time and organization specific limitations on the waivers: American Express will waive fees until the end of February for donations made to those organizations that are identified on the US Aid website. MasterCard users will have their fees waived if they donate to the Red Cross, UNICEF, Save the Children, or CARE USA. Visa has indicated that it will donate its revenues generated by charitable contributions (through February) to the Red Cross. In addition, Visa has selected 11 eligible organizations that will have donations interchange fees waived during that same time period.