The Onion: Visa Is A Massive Credit Card Scam

The Onion is reporting that the feds have raided Visa offices around the country on Monday and apprehended dozens of executives. Apparently, the criminal organization has been peddling “convincing-looking credit cards carefully designed to dupe consumers into spending far more money than they had”. They would then extort increasingly expensive fees, making hundreds of billions in profit each year. The organization would mostly target those with limited resources such as the poor, elderly, and students. Sometimes they would lure people in with promises of free gifts or other rewards.

A spokesperson for the FTC said “These crooks manipulated interest rates and charged arbitrary, exorbitant fees on literally anything they could—too much credit card activity, too little activity—it was utterly shameless”. In order to get even more victims, they would also actually conduct national advertising campaigns and sell their personal financial data to third parties for even more profit.

From The Onion

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