Two of the world’s major credit card companies have volunteered to waive merchant transaction fees for donations made to charities seeking to aid Haiti.

American Express, the first to announce this new policy, said in a statement that they would “rebate the merchant discount rate for charitable contributions” made via their credit cards to recognised non-profit organisations aiding Haitian relief efforts. The company also announced a US$250,000 donation of their own, going to associations including the American Red Cross and Doctors Without Borders.

Not long after, Visa announced they would not apply interchange rates to charitable contributions to Haitian relief through February, as well as making a US$200,000 donation to the Red Cross.

Credit card companies take in roughly US$250 million each year through fees on charitable donations. As donations increase dramatically following a natural disaster, so too their profits, as up to 85% of donations made at such times are made through credit cards.

Source: theaustralian.com.au