Those with debt tied to prime rate can breathe a sigh of relief. The Bank of Canada has decided to once again stand pat on interest rates. This marks four years, the longest stretch in Canadian history, since Canada’s central bank has budged on the overnight lending rate.
The National Bank World MasterCard Lounge at the Montréal–Pierre Elliott Trudeau International Airport
While big banks like CIBC, RBC and TD Bank are going after new Canadians, National Bank is looking to grow its credit card business by targeting Canada’s richest. While the average Canadian household has much of its net worth tied up in real estate, wealthy Canadians typically have substantial investible assets.
Photo by imuttoo via flickr by CC 2.0-sa (compressed)
Getting approved for a credit card can be tough, especially if you’re a newcomer to Canada. With a lack of credit history and steady employment in Canada, getting approved for a traditional credit card can be an uphill battle.
There has been another major security breach south of the border – this time with UPS. Customers of the parcel delivery courier may have had their most sensitive personal information stolen – their credit and debit card information – by a computer virus.
Credit cards offer consumers many benefits. They’re convenient, you can use them to earn rewards points, and to help build your credit history. Canadians can’t seem to get enough of their credit cards – we rank among the highest in the world in cashless transactions.
While credit cards are handy for consumers, have you ever stopped to think about the effect they have on retailers? Dan Kelly, president of the Canadian Federation of Independent Business (CFIB), recently wrote an interesting article for the Financial Post about the difficulties small businesses face when it comes to paying by plastic.
The mobile payment market is heating up. Square, the company behind the wildly successful app that transforms smartphones into virtual point of sale devices, announced plans for a new credit card reader able to accept Chip-and-PIN credit cards.
Set for release in 2015, with the widespread adoption of Chip-and-PIN credit card technology, Square’s card reader could be a real game changer. Let’s take a look at how the new card reader will benefit Square and consumers alike.
