We recently wrote about the possibility of merchants being able to add surcharges on credit card transactions. This week we thought I’d be interesting to look at what’s happening south of the border. The U.S. is known for big portion sizes, Major League Baseball and Wall Street, but it’s also known for generous credit card offers. If you think credit cards are generous in Canada, that’s nothing compared to the U.S. Flashy bonuses and hefty cash-back are a regular occurrence there. But with credit card landscape changing stateside, the good times could be coming to an end.
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An important court ruling came out this month that all credit cardholders should be watching closely. Your favourite retailer may soon be able to start charging you extra to pay by credit card. This practice was previously banned. It’s all because of a settlement agreement reached in a class action lawsuit against credit card kingpins Mastercard and Visa.
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Despite warnings from the Bank of Canada and think tanks around the world about Canada’s rising household debt, Canadians continued to pile on debt in the first quarter of 2017. Canadians carried an average of $21,696 in non-mortgage debt in the first quarter. That’s up 1.9 percent from last year, finds TransUnion.
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Don’t get too attached to any one travel reward program. That’s the best advice I can give in today’s increasingly competitive credit card space. You work hard for your money – and your reward points. The last thing you want is to jump through hoops to book your dream vacation. But that’s just what some of the travel reward programs make you do. Some way to reward loyal cardholders!
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Are you carrying loyalty reward cards in your wallet that you’re not fully taking advantage of? You’re not the only one. Canadians are sitting on a combined $16 billion in unused reward points, finds a new report from Bond Brand Loyalty. That’s an average of $629 per reward program collector.
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Air Canada is parting ways with longtime partner Aeroplan, come June 2020. But don’t despair if you’re a frequent flyer on Air Canada flights. Air Canada is launching its own loyalty rewards program to appease its loyal customers.
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