Kevin Fischer is a veteran broadcaster, the recipient of over 150 major journalism awards from the Milwaukee Press Club, the Wisconsin Associated Press, the Northwest Broadcast News Association, the Wisconsin Bar Association, and others. He has been seen and heard on Milwaukee TV and radio stations for over three decades. A longtime aide to state Senate Republicans in the Wisconsin Legislature, Kevin can be seen offering his views on the news on the public affairs program, "InterCHANGE," on Milwaukee Public Television Channel 10, and heard filling in on Newstalk 1130 WISN. He lives with his wife, Jennifer, and their lovely baby daughter, Kyla Audrey, in Franklin.
I rarely do it. Usually at McDonald’s if I haven’t replenished my wallet.
Hotcakes. A breakfast sandwich. No problem. I just pull out the credit card. I hate to do it for a lousy two or three bucks. So I don’t do it all that often. However, I’ve always known that I could always charge for an item, even it was only a measly 25 cents.
In one of the most under-reported stories of the summer, an amendment to the Restoring American Financial Stability Act authored by Senator Dick Durbin (D-Ill) that was approved by Congress and signed into law by President Obama will suck more money out of your wallet. Senator Durbin’s website says, “The amendment would also allow sellers to choose to decline credit cards for small dollar purchases.”
Translation: Merchants can now establish a minimum charge amount before you will be able to use your credit card to make purchase. No more $1, $2, $3, $5 credit card purchases. Reportedly, the popular minimum amount for many merchants will be $10. AMEX, MasterCard and VISA naturally support the concept.
It is inevitable that consumers, when told they cannot use their credit card for a $5 purchase will spend up to the minimum, making purchases they never intended. It is one of the sneakiest of taxes aimed at separating you from your hard-earned money.
Get ready for it,