The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
Latest News
November 24 Update: Air Canada adding revenue component to Altitude qualification, Aeroplan eStore bonus, WestJet Black Friday sale! + MORE Nov 25th
Another day with bad news surrounded by good or neutral news and bonuses News, Tips & TricksAs a nice addition to our Top 6 tips for maximizing miles on your holiday shopping Aeroplan eStore launched a 5x miles event on all purchases until November 30. Find out more here.The bad news today of c.... More »
Card issuers can reduce your credit limit + MORE Aug 20th
Banks monitor credit reports, and make adjustments if it sees signs of risk.... More »
Got holiday debt? Compare balance transfer, personal loan + MORE Jan 20th
If you overindulged in debt over the holidays, compare a personal loan and credit card balance transfer - either can lighten up your personal balance sheet.... More »
Earn Quadruple Aeroplan Miles for Choice Hotels stays Worldwide until August 31 + MORE Jun 14th
Summer is always great for earning extra Aeroplan miles on hotel stays. The program always numerous bonuses with their hotel partners and the latest is this offer for stays with Choice Hotels.Once again you can earn 4x the Aeroplan miles for Choice Hotels stays until the end of August Remember ther.... More »
Length of credit history matters more when you're young + MORE Mar 27th
When new to credit, it takes time to boost the length of your credit history. With each new account opening, you cut your average age of accounts, so open new cards sparingly.... More »
A Credit Card Conspiracy? Class Action Suit Targets Swipe Fees
– ratesupermarket.ca
A class action lawsuit in British Columbia claims Visa, MasterCard and the major banks are conspiring to keep transaction costs high for retailers. Such costs are swipe fees paid by retailers to credit card companies and banks every time a shopper uses a credit card to make a purchase. The fees start at 1.8 per cent but can be as high as 4 per cent for some premium cards according the Canadian Federation of Independent Businesses (CFIB).
Are Credit Card Lenders Breaking the Law?
In official documents filed to the Supreme Court of British Columbia by a furniture retailer in Vancouver, it’s stated 12 separate financial institutions, including Visa, MasterCard and Canada’s big banks, “unlawfully interfered with the economic interests of merchants.” It adds “…the defendants have breached various provisions of the Competition Act,” and have “engaged in civil conspiracies, and unlawfully interfered with the economic interests of the proposed class members.” In other words, the suit accuses credit companies are working together to keep fees high across the board…
