Credit card code of conduct extended to mobile payments + MORE Apr 13th

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TORONTO – Ottawa has updated the code of conduct governing credit and debit card transactions, including adding new rules relating to mobile payments.
Finance Minister Joe Oliver made the announcement at the Arts Market store in Toronto.
The new rules include a provision that says mobile payment users must be given full control of the default settings on their mobile wallets.
The new code also requires that reduced rates for credit and debit card transactions announced by Visa and MasterCard in November be fully passed on to merchants.
Merchants will also have more flexibility to exit their contracts without penalty.
The post Credit card code of conduct extended to mobile payments appeared first on MoneySense.

TORONTO – Ottawa has updated the code of conduct governing credit and debit card transactions, including adding new rules relating to mobile payments.
Finance Minister Joe Oliver made the announcement at the Arts Market store in Toronto.
The new rules include a provision that says mobile payment users must be given full control of the default settings on their mobile wallets.
The new code also requires that reduced rates for credit and debit card transactions announced by Visa and MasterCard in November be fully passed on to merchants.
Merchants will also have more flexibility to exit their contracts without penalty.
The post Federal government updates code of conduct to adds rules for mobile payments appeared first on Canadian Business.

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Basics of mortgage debt ratios (Getty Images / Nigel Carse)
Typically, mortgage lenders use the “Five C” rule when analyzing someone’s ability to afford a mortgage:
1) Capacity to repay (your income)
2) Current economic conditions (your profession’s current economic status as well as your city and country’s economic situation)
3) Capital put down (the down payment you provide, which is the amount of equity you’re offering to secure the asset)
4) Collateral (what the home is worth)
5) Character (your history of paying off debts, otherwise known as your credit history)
To qualify for a mortgage, lenders will examine two ratios:
#1. The GDS: Gross Debt Service is the percentage of the borrower’s income that is needed to pay all required monthly housing costs (mortgage payments, property taxes, heat and 50% of condo fees).
#2. The TDS: Total Debt Service is the percentage of the borrower’s income that is needed to cover housing costs (GDS) plus any other monthly obligations that an individual has, such as credit card payments and car payments…