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?
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Tribunal set to rule on alleged anti-competitive Visa, MasterCard practices
– theglobeandmail.com
Striking down the rules could allow merchants to either reject certain cards that offer incentive points, or charge consumers more for using them.
Tribunal set to rule on alleged anti-competitive Visa, MasterCard practices
– canadianbusiness.com
OTTAWA – A ruling expected this week on a complaint against Visa and MasterCard could significantly change how consumers use credit cards in Canada.
The federal Competition Tribunal is set to issue a decision Tuesday on whether rules imposed on merchants by the credit card giants are too restrictive.
Striking down the rules could allow merchants to either reject certain cards that offer incentive points, or charge consumers more for using them.
Under the current rules, merchants are required to accept all Visa and MasterCard offerings, but are prevented from charging an additional fee to those who pay with so-called premium cards, which come with higher costs.
Canada’s Commissioner of Competition filed a formal complaint with the tribunal in May 2012, accusing Visa and MasterCard of engaging in anti-competitive behaviour.
Consumers have been forced to pay an estimated $5 billion worth of hidden fees each year as a result, the complaint says.
“Without changes to the rules, merchants will continue to face high costs for accepting credit cards, and all consumers, even those who use lower-cost methods of payment like debit or cash, will continue to pay higher prices,” commissioner Melanie Aitken said in a statement at the start of hearings…
The federal Competition Tribunal is set to issue a decision Tuesday on whether rules imposed on merchants by the credit card giants are too restrictive.
Striking down the rules could allow merchants to either reject certain cards that offer incentive points, or charge consumers more for using them.
Under the current rules, merchants are required to accept all Visa and MasterCard offerings, but are prevented from charging an additional fee to those who pay with so-called premium cards, which come with higher costs.
Canada’s Commissioner of Competition filed a formal complaint with the tribunal in May 2012, accusing Visa and MasterCard of engaging in anti-competitive behaviour.
Consumers have been forced to pay an estimated $5 billion worth of hidden fees each year as a result, the complaint says.
“Without changes to the rules, merchants will continue to face high costs for accepting credit cards, and all consumers, even those who use lower-cost methods of payment like debit or cash, will continue to pay higher prices,” commissioner Melanie Aitken said in a statement at the start of hearings…
OTTAWA – A ruling expected this week on a complaint against Visa and MasterCard…
OTTAWA – A ruling expected this week on a complaint against Visa and MasterCard…
A ruling expected this week on a complaint against Visa and MasterCard could significantly change how consumers use credit cards in Canada.
