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.
3 Credit Card Alerts That Can Make Your Life A Lot Easier
Posted September 21, 2017 in Credit Card Tips
Do you find yourself using cash less frequently these days? You’re not alone. As we move increasingly closer to a cashless society, it’s important to be aware of the upsides and downsides of using physical money less often. Some of the positives of using your credit card over cash include better consumer protection, rewards and ease of tracking your spending.
Do you prefer using your debit card over your credit card in certain instances? You’re not alone. When you’re at the supermarket, it can be convenient to use your debit card and request cashback at no extra charge. It’s a lot easier than going to the ABM to get cash.
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.