Credit Card Interchange Fees in the Spotlight Again

Posted July 28, 2016 by cccadmin in

Paying with Credit Card

Last month we wrote about the ongoing battle between Walmart and Visa over interchange fees. Walmart has been relentless in its demand for lower fees, but Visa is refusing to budge, claiming the retailer giant is asking for lower fees than local grocers, pharmacies, convenience stores, charities and schools.

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4 Reasons for Being Denied a Credit Card

Posted July 25, 2016 by cccadmin in

Low Credit Score

Consumers are often bombarded with credit card offers. There are kiosks at airports and malls, advertisements on tv, junkmail in your mailbox, and of course advertisements online. It’s no wonder credit card applications seem like a breeze. Many credit cards let you sign up online and get approved in less than five minutes.

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Millennials are Shunning Credit Cards for All the Wrong Reasons

Posted July 13, 2016 by cccadmin in ,

Credit Card Stack

When most people think of millennials, acronyms like FOMO (fear of missing out) and YOLO (you only live once) come to mind. Millennials have been labeled financially irresponsible by many. When you think of millennials, you probably picture them with wallets full of credit cards. Perception is often reality, but not in this case.

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Fintech Firms Give Canadians Access to Their Credit Score for Free

Posted July 7, 2016 by cccadmin in

Credit Score on Phone

Fintech (short for financial technology) is reshaping the financial industry. Mobile payments arriving at Canada’s big banks is only the beginning. If you wanted to know your credit score, previously you had to pay Canadian credit bureaus Transunion or Equifax up to $24 – not anymore. Thanks to Fintech firms like Borrowell and Mogo, you can access your credit score online for free.

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Breaking Up is Hard To Do: Shoppers Drug Mart and RBC Part Ways on Co-Branded MasterCard

Posted July 5, 2016 by cccadmin in

Shoppers Drug Mart

Another credit card relationship has gone sour. This one involves some pretty major players – Canada’s largest drugstore chain and biggest bank.

Shoppers Drug Mart and RBC are parting ways on their co-branded Shoppers Optimum MasterCard and debit card. As of right now both cards are no longer available. If you’re one of the 200,000 existing cardholders, you’ll be making the switch over to “other RBC banking products” in the fall.

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Walmart and Visa in Public Spat Over “Unacceptably High” Interchange Fees

Posted June 20, 2016 by cccadmin in

Walmart VS Visa

Credit card interchange fees are once again making news headlines. In what has been dubbed as the battle of Goliath versus Goliath, Walmart and Visa are in a battle over interchange fees .

Walmart is upset over high interchange fees. Walmart says is spends more than $100 million each year on interchange fees for credit cards like Discover, MasterCard and Visa. The big box retailer has threatened to reject Visa cards at its more than 400 locations in Canada, starting at its Thunder Bay stores on July 18. This would be a big blow to Visa, as Walmart is one of its biggest clients.

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