Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The best 5-year fixed mortgage rates in Canada Jun 8th
Mortgages
The best 5-year fixed mortgage rates in Canada
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Compare the best GIC rates in Canada 2023 + MORE Jun 28th
Investing
The best GIC rates in Canada for 2023
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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Simplii, Tangerine, Motusbank – Who Are These “New” Players? + MORE Apr 24th
You’ve seen those ads show up more and more the past few years: financial institutions who offer a new way of banking. But do those flashy logos hide something you already know? Many of these businesses are owned by traditional Canadian banks. The industry is tightly regulated, but you.... More »
What Is CDIC and How Does It Work? Mar 23rd
When you see the purple decal – this is what it means for your savings
For generations, Canadians have been able to place their trust in their financial institutions. In fact, during the global economic crisis of 2008, Canadian banks weathered the storm better than most and were the envy of fi.... More »
Should You Give Your Teen a Credit Card? Dec 16th
Over one-third of Canadians share a joint credit card with their partner, parent, or child, according to a recent survey conducted by Rates.ca. Among the parents who share their credit card with their children, 63% said that managing their children’s purchases is less difficult than it was two ye.... More »
Canadian Customers Will Soon Have to Pay More to Use Certain Premium Credit Cards
– ratesupermarket.ca
Canadian customers will soon be subject to additional fees when paying for purchases with certain premium credit cards, now that Visa and MasterCard have entered into a settlement agreement stemming from a class action lawsuit that will see both companies make changes to their “No Surcharge Rule”.
In 2011, Canadian merchants filed a lawsuit alleging that Visa and MasterCard rules forced retailers to accept all credit cards as payment, including cards that charge higher retailer fees for each transaction. The rules also forced retailers to bear the full weight of the merchant fees as they are not allowed to surcharge customers who use premium cards.
After discussions with the federal government, Visa and MasterCard agreed in 2014 to voluntarily reduce the fees for five years.
Earlier this week, however, both credit card corporations entered into a settlement agreement, in which they agreed to pay $19.5 million each and allow merchants to add limited surcharge fees when accepting premium credit cards as payment from consumers…