Walmart Canada announced over the weekend that starting July 18th, their stores across Canada will no longer accept Visa cards. Some experts suggest this move is a way to force Visa to lower the fees charged to Walmart for purchases made with Visa cards.
If no deal is reached, it might make sense for Walmart shoppers to switch to a MasterCard to take advantage of credit card benefits versus other payment methods. Here are some options to consider:
Credit card use has helped fuel a push towards a cashless society. We’re not just using our credit cards for big purchases, we’re making small purchases with our credit cards, too. Credit card transactions have been increasing each year, but that could soon change. Mobile payments could soon give Chip-and-PIN credit cards transactions a run for their money.
TransUnion released its consumer debt stats for the first quarter of 2016. The credit reporting agency found the average Canadian owed $21,348 in consumer debt (excluding mortgage) at the beginning of 2016. That represents an increase of 2.71 percent from the first quarter of 2015. Installment loan (4.83 percent), auto loans (2.12 percent) and credit cards (1.80 percent) all saw increases. The sole exception was lines of credit, which declined by 0.54 percent.
Cash is no longer king in Canada. Canada is moving towards an increasingly cashless society. Global news recently wrote an article about how more Canadians favour their debit and credit cards over cash. What’s not to love about credit and debit cards? They offer many benefits: they’ve convenient, come with consumer protection and with reward points, to name a few. But that convenience can come at a cost.
Canadians are doing a better job of paying down debt, finds a new report from TransUnion. This shouldn’t come as any surprise. The low interested rate environment is making it easier for Canadians to repay debt on time. The delinquency rates (accounts 90 days or more overdue) have never been lower, sitting at 2.60 percent in the third quarter, down from 2.75 percent last year and a 5.5 percent improvement from the 2.75 delinquency rate in the third quarter of 2014. Delinquency rates have been between 2.58 and 2.66 percent over the last three quarters.
Motorists in B.C. have one less payment option when it comes to paying their basic auto insurance premiums. The Insurance Corporation of British Columbia (ICBC) has banned the use of credit card payments for monthly premiums. The ICBC is the provincial crown corporation responsible for issuing drivers licenses, registration and providing universal auto insurance in B.C.
