Category: News

Credit Card Fees Costly for Municipalities

Posted June 12, 2014 by cccadmin in ,
Calgary Municipal Building

Photo by davebloggs007

We all know that credit card fees are costly to small businesses, but did you know they’re also costly to cash-strapped municipalities? Alberta may be Canada’s economic engine, but municipalities there, just like in have-not provinces like Ontario and Quebec, find themselves struggling to balance the books.

Municipalities face a unique dilemma – unlike the federal and provincial governments which can run deficits during tough times, municipalities must have balanced budgets. If there’s a budget shortfall the money has to come from somewhere – either spending cuts, or increases in property taxes, road tolls and other user fees.

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The Bank of Canada Interest Rate Announcement and How it Affects Borrowers

Posted June 10, 2014 by CCC Staff in ,
Bank of Canada Building

Bank of Canada Building by dneuman

Homeowners with variable rate mortgages can breathe a sigh of relief. The Bank of Canada has decided once again to keep the overnight lending rate at 1 per cent. This marks the 30th time in a row Canada’s central bank has left the key interest rate unchanged. In fact, this is the longest stretch in Canadian history interest rates have remained the same.

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The Benefits of Chip-and-PIN Credit Cards

Posted May 30, 2014 by CCC Staff in ,

Chip and PIN Card

Credit card fraud is a serious problem in Canada. In 2013, over 693 thousand accounts were the victim of credit card fraud, with an average loss of $671 per account (Source: Canadian Bankers Association PDF). With the widespread adoption of Chip-and-PIN credit card technology, it has helped reduce domestic credit card counterfeiting by more than 23% from 2012 to 2013 (Source: Canadian Bankers Association infographic).

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Credit Cards vs. Digital Currencies

Posted May 27, 2014 by CCC Staff in ,

Bitcoin Mining with USB

The emergence of Bitcoin has helped digital currency go mainstream. Major cities like Vancouver, Toronto and Montreal have recently hopped on board the Bitcoin bandwagon. You can now perform transactions with the cryptocurrency at Bitcoin ATMs. Although Bitcoin is in its infancy, it’s quickly growing – in 2013 there were on average about 30 bitcoin transactions per minute, compared 200,000 per minute for Visa transactions. (Source: Chicago Fed Letter PDF)

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ScotiaBank and Canadian Tire Partner Up: How Customers Could Benefit

Posted May 15, 2014 by CCC Staff in
Ottawa - Branch of ScotiaBank

Martin Good –

The red-hot credit card market just got even more heated. In another blockbuster deal, ScotiaBank announced it’s purchasing a 20 per cent stake in Canadian Tire’s lucrative financial services division for the tidy sum of $500 million. In addition, ScotiaBank has agreed to finance up to $2.25 billion in credit card receivables for Canadian Tire.

Canadian Tire may be best known for its successful retail business, but its highly-successful financial services unit generates most of its cash flow today. As the country’s eighth-largest credit card issuer, Canadian Tire’s financial services division has $4.4 billion in receivables and 1.8 million active customer accounts. The partnership with Canadian Tire Financial Services will help ScotiaBank gain a bigger foothold in the highly sought-after credit card space.

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