SEIU and AFL-CIO Engaged In “Predatory Lending?”

Times are tough and union dues are down. In an effort to bolster the coffers 2 giant unions have gotten into the credit card and home re-fi (scary) business.

In some ways this makes sense. Groups often get together so that they can get more favorable rates from the credit card companies collectively. There is no reason necessarily why unions shouldn’t do this.

However if those unions demonize the partner banks who issue credit cards and then turn around and do business with those same banks for the purpose of extracting fees from their membership, through credit cards, this stinks. It stinks more when there appears to be little advantage for the union member to use the union sponsored credit card. In fact, as the author of the attached article points out, the fees and fine print associated with such cards might be worse than the average card. 

The unions however get a piece of every transaction. Way to treat your “brothers” union management.

Click here for the story.