There have been further developments about the major data breach at one of Canada’s top credit reporting agencies. Although we still don’t know the exact number of Canadians affected, it doesn’t appear to be as widespread as first thought.
Category: News
When it comes to credit card interchange fees, Canada and the U.K. seem to be heading in opposite directions. An important ruling recently gave Canadian businesses the power to start imposing a surcharge when customers pay by credit card. This practice was previously banned. Over in the U.K., it’s a different story.
There has been a major data breach with Equifax that could affect up to 26 million Canadians with credit scores. The credit reporting agency revealed the data hack last week – despite knowing about it for six weeks. This is leaving a lot of Canadians nervous about the safety and security of their personal information and rightfully so.
After a 19 year partnership, CIBC and Loblaw are shutting down PC Financial. CIBC announced earlier this month that they were ending their relationship with the grocery giant. But this doesn’t mean it’s the end of no-free banking in Canada. Au contraire. Starting November 1st, two million PC Financial bank accounts will be rebranded as Simplii Financial. Although very little is known about the new brand, CIBC has assured customers it will continue to offer no-fee banking.
We’ve written many times before about the trend towards a cashless society. With each passing year, more people are using alternatives to cash – debit, credit and mobile payments – to pay for everyday purchases. This isn’t anything new. But what is new is a cash incentive in the U.S. by one of the major credit card players to help phase out cash altogether.
Millennials in the U.S. are Shunning Credit Cards – It’s a Different Story in Canada
Posted July 31, 2017 in News
In the U.S. millennials are avoiding credit cards, but it appears to be a different story in Canada. Many U.S. millennials are shunning credit cards with memories of the global financial crisis still fresh in their mind. Canada wasn’t nearly as affected as the U.S. from the sub-prime mortgage fiasco, so it shouldn’t come as any surprise that millennials here are a lot fonder of credit cards.