U.S. Senate Committee on Commerce be hatin



blingo said:
Just read this one today, 3 networks, $1.4 billion from rebills, $800 million in affiliate payouts.
Now it's the CC companies' fault.
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It's not 3 "networks", and it's not really "affiliates". It's 3 direct rebill shopping loyalty club companies, and the "affiliates" are the companies they deal with to get CC info passed on in return for $10 off the user's next transaction, or whatever.
. For this reason, the three marketing firms and their retail partners say the whole thing is legal and above board. All the terms are there in the fine print and it's not their fault that consumers don't read them. Congressional investigators turned up documents, however, that showed they were well aware of the potential deception. Investigators presented internal e-mails from the marketing firms that illustrate how they purposely employ tactics to mislead consumers while staying within the letter of the law.
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That's the problem - When you say one thing publicly, and then have email evidence contradicting it. I'm no fan of Ben Edelman, but if this quote is correct, then the card companies have something to worry about:
Visa, MasterCard, and American Express require that only a cardholder, not any intermediary or merchant, provide a credit card number to complete a transaction. This is key as many consumers are completely unsuspecting that an e-mail address is enough to authorize a purchase, according to Edelman, who offered written testimony during last month's committee hearing held on the marketers.
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