Thaindian News

The Justice Department of the United States has sued three credit card giants for their terms that eliminate any form of discounts or rewards to consumers, as well as hiding the charges of their cards, which results in consumers being overcharged.

The Department also stated in a public statement that a deal has been agreed with Visa and MasterCard that will give consumers access to discounts, rewards, etc. as well as give consumers access to information about the costs of their credit cards. The lawsuit also stated that the 3 credit card giants had manipulated the system to keep merchants from giving consumers additional payment options that will cost them less.

Eric Holder, the US Attorney General stated that the lawsuit clearly shows that the US government wants fair trading practices and will cramp down on any monopolization policies.

“With today’s lawsuit we are sending a clear message: We will not tolerate anticompetitive practices. We want to put more money in consumers’ pockets, and by eliminating credit card companies’ anticompetitive rules, we will accomplish that,” according to Attorney General Eric Holder.

He stated that consumers are being overcharged in most daily consumptions and the government wants them to be able to reduce their costs especially those associated with credit card companies.