Ask for lower interest

The NDP has launched what it calls the Credit Card Fee Reduction Kit:

Contact a representative of the card you hold by calling the toll-free customer service number that corresponds to your card. [...] You may be able to reduce your credit card interest rate, just by calling them. Use the NDP's credit card fee reduction kit.

The NDP provides the relevant phone numbers on its website and invites Canadians to participate in this experiment and then to report back to the NDP.

I hope they will publish their findings, because it will be interesting to see how the big banks and credit card companies will react to this.

Only too often, consumers are asked to foot the companies' bill for the costs of doing business. Businesses that want to accept credit card payments are charged monthly and per-transaction processing fees – there's nothing wrong with that, because when you're in business, and, naturally, you will want to get paid, it is up to you to provide the means for your customers to get the money to you in a way that is as convenient for your customers as possible.

The University of Calgary recently decided not to accept tuition payments by credit card anymore, citing the high costs of accepting credit card payments. What a silly idea. The university wants to get paid, so it's up to the university to provide the means of payment. The decision, to enter into effect in July, has left many students stranded, uncertain as to how they will pay their next instalments.

I can see it now: students carrying their cash to the registrar's office and getting robbed on their way there.

I generally agree with the NDP's approach on this one: Big Banks and credit card companies are overcharging consumers all the time. Looking at their balance sheets, it's hard to feel any sympathy for them.

They will probably now shed crocodile tears over the subprime mess – again, no sympathy there, because let's face it: the mess was created by the banks' own greed and stupidity, which is why they should not be looking to the general public for sympathy, and certainly not to the government for an easy way out (for example, I totally disagree with the US bailout decision regarding JP Morgan and Bear Stearns).