Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Latest News
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Canadian youth get top marks for financial literacy but more than one in ten 15-year-olds struggle with basic financial skills. But new allowance apps can help them manage their chores and allowance..... More »
The close: TSX at 3-week high as oil boosts energy stocks Mar 28th
Wall Street lifted by consumer data; banks, energy lead
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Best known for its operations in the Viking light-oil formation in western Saskatchewan and eastern Alberta, the company said it has hired investment banks to help it study a “strategic repositioning”
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The Future of FinTech + MORE Nov 6th
The way we manage our money – from the bank branch to the checkout lane – is rapidly changing in Canada. New tap technology, automated investments and biotech solutions have traditional bankers scrambling to keep up – how can consumers navigate this ever-changing financial reality.... More »
Credit Card Interchange Fees: The Impact in Other Countries
– ratesupermarket.ca
Last November, it was announced that MasterCard and Visa will reduce credit card interchange fees to an average of 1.5 per cent, to take effect this April. The fees, which are paid by merchants to issuing credit card lenders on each credit card transaction, have long been a point of contention among small business and store owners. With most credit cards requiring a fee paid of 1.60 – 2.60 per cent of the total purchase price, many argued the fees were anti-competitive and eating into their bottom lines. The Government of Canada finally stepped in with the intent to regulate the fee structure, but no official measures were necessary in the long run; both MasterCard and Visa voluntarily proposed to cut their fee structure.
The reduction is meant to benefit both retailers, who will pay less for the ability to offer credit card payment, and consumers who will theoretically enjoy lower prices passed down from retailers’ savings. However, worries persist that a cut to lenders’ profit margins may prompt them to reduce existing credit card variety, decrease current point offerings, and hike interest rates…
