As a massive human tragedy unfolds in Haiti, relief organizations are soliciting credit-card donations through their hotlines and websites. About 97 percent of these donations will actually make it to the designated organizations -- but the other 3 percent will be skimmed off by banks and credit card companies to cover their "transaction costs."Huffington Post updated to say American Express will rebate the money back to the charities.
Thanks to this hidden fee, American banks and credit card companies are making huge profits -- somewhere in the neighborhood of $250 million a year -- off of people's charitable donations, according to a Huffington Post analysis.
But Jesus Christ, what are they thinking? What has happened to their humanity? Is it all greed, or a massive amount of stupidity?