Category: News

The U.K. to Ban Credit Card Surcharges

Posted September 20, 2017 by cccadmin in

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.

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Equifax Data Breach: What Canadians Need to Know

Posted September 12, 2017 by cccadmin in

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.

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What the PC Financial Shutdown Means for Credit Cards Holders

Posted September 11, 2017 by cccadmin in

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.

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Millennials in the U.S. are Shunning Credit Cards – It’s a Different Story in Canada

Posted July 31, 2017 by cccadmin in

Millennials Shopping

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.

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