Yeah, "fleecing" is probably too strong but I think the OP was using this term because the target audience (FT readers) relate very well to the horrible exchange rates Points.com offers. Yeah, I doubt that Points.com could be taken to civil court for its outrageous rates. Incidentally, another example of this kind of business are the Payday loan firms. Yeah, the users---er, probably most of them---volutarily enter into a transaction for a cash advance and sometimes pay just outrageous interest charges on a short-term loan (I still don't understand why usury laws don't apply to these types of loans) Okay, maybe "fleece" isn't the right term but "reamed, soaked" or something. Some foreign exchange outfits (especially at some airports) probably, one could argue, near "fleece" people who are naive about foreign exchange business. Re the McDonald's scenario: well, if McDonald's started charging $50 for a cheeseburger, I think there would have to be rather huge flashing signs all over the place since, I imagine, many people just order w/o looking at the menu prices!