Canada needs its own credit card payment method.
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Your credit card kick back has a yearly fee, and possible interest. They hope you over spend
Mine has no fee and I pay it completely every month so no interest. It’s a good place to be. Just perks for purchasing.
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The problem is there’s no incentive to use it, as you don’t get the kickback your credit card provides. I’m not sure how the CC duopoly tricked us into disallowing retailer cash/debit discounting.
The discounting part isn’t really true as of 2022.
What you need to know about the new credit card surcharge | CBC News
Merchants can now charge credit card users up to 2.4 per cent on their purchases. We've got answers to your questions about how it all works, and what it means for you.
CBC (www.cbc.ca)
The only significant revenue streams for most credit card issuers is Interchange fees, Annual fees and Interest. As only a lower flat network fee exist for Interact, merchants are the only ones that would logically offer anything for customers using them. But the difference really doesn’t seem to be worth them bothering giving people 2-3 tier level pricing.
To put it into numbers at $100 transaction it’s like 6 cents for a interact and $1.5-2 fee for a credit card.
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The discounting part isn’t really true as of 2022.
What you need to know about the new credit card surcharge | CBC News
Merchants can now charge credit card users up to 2.4 per cent on their purchases. We've got answers to your questions about how it all works, and what it means for you.
CBC (www.cbc.ca)
The only significant revenue streams for most credit card issuers is Interchange fees, Annual fees and Interest. As only a lower flat network fee exist for Interact, merchants are the only ones that would logically offer anything for customers using them. But the difference really doesn’t seem to be worth them bothering giving people 2-3 tier level pricing.
To put it into numbers at $100 transaction it’s like 6 cents for a interact and $1.5-2 fee for a credit card.
Appreciate the clarification. Guess I missed the memo when they changed that a few years back!
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Interac has things like extended warranties and fraud protection, it’s just not ‘generally’ as good. Like here’s one from a mid sized CU in BC, community savings, talkin bout some of the perks. The extended warranty part reads as:
Extended Warranty doubles the repair period on a manufacturer’s authorized Canadian warranty up to two extra years for purchases made worldwide. It covers products with a manufacturer’s authorized Canadian warranty of five years or less.
That coverage is better than some CCs from what I can tell, as many CC’s cap it at one extra year.
That’s pretty damn good!
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That’s the thing. I don’t. I make a shit ton of extra cash with bonus points to a point where I can pay off a plane ticket when I go on vacation. That’s a pretty big incentive.
Westjet had a good system before with RBC and you would get flight cash, its be nerfed since they were bought though. And now the Dollars have become Points, which means they can play with point value to adjust pricing
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No fee is goos. With my spending that 1% would get me $200 back at end of year LOL.
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Westjet had a good system before with RBC and you would get flight cash, its be nerfed since they were bought though. And now the Dollars have become Points, which means they can play with point value to adjust pricing
Oh that sucks.
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The US have a monopoly on credit card payments with Visa, Mastercard, American Express, Diners Club, etc.
Even with online payment systems like PayPal, GPay, Apple Pay.
The only Canadian option that I know of is the new Shop Pay, which is owned by Shopify. (And we all know the founder CEO, Tobias Lutke is a far-right fascist traitor who loves the idea of being a 51st state.)
Right now Visa and Mastercard are controlling what stores can sell, and what services can be provided. Censoring online content, like asking Steam and Itch.io to remove certain games.
What are examples of alternatives in other countries? I know that Japan, for example, has their own independent ones, I think?
Do you think they might be refused by American companies in order to keep their monopoly?
I’d like to know what you think.
How about accepting Bitcoin?
It won’t even increase the money supply when you do something as benign as buying some good at the super market.
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I mean, for me it literally makes all my purchases 1% cheaper for zero cost so long as I pay the full amount monthly, which I do. It’d make no financial sense to not take advantage of it.
This IMO is part of the problem, because I’m incentivized to take money away from local businesses and give it to the CC duopoly.
Yeah, some kind of legislation here would be nice. At least the credit card companies aren’t as entrenched as in the states.
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The problem is there’s no incentive to use it, as you don’t get the kickback your credit card provides. I’m not sure how the CC duopoly tricked us into disallowing retailer cash/debit discounting.
it’s not the kickback, it’s giving access to my bank account that I’m trying to avoid by using a credit card as a middle man
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The US have a monopoly on credit card payments with Visa, Mastercard, American Express, Diners Club, etc.
Even with online payment systems like PayPal, GPay, Apple Pay.
The only Canadian option that I know of is the new Shop Pay, which is owned by Shopify. (And we all know the founder CEO, Tobias Lutke is a far-right fascist traitor who loves the idea of being a 51st state.)
Right now Visa and Mastercard are controlling what stores can sell, and what services can be provided. Censoring online content, like asking Steam and Itch.io to remove certain games.
What are examples of alternatives in other countries? I know that Japan, for example, has their own independent ones, I think?
Do you think they might be refused by American companies in order to keep their monopoly?
I’d like to know what you think.
Not just Canada. It’s almost the entire world. Many Asian countries rely on Alipay, the rest of the world is under the control of US payment systems. Even in European countries the UK based Maistro has been replaced for Visa or Mastercard.
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Mine has no fee and I pay it completely every month so no interest. It’s a good place to be. Just perks for purchasing.
Still paying more for goods then we should be.
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How about accepting Bitcoin?
It won’t even increase the money supply when you do something as benign as buying some good at the super market.
Too speculative. Too unstable in value.
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Not just Canada. It’s almost the entire world. Many Asian countries rely on Alipay, the rest of the world is under the control of US payment systems. Even in European countries the UK based Maistro has been replaced for Visa or Mastercard.
I know. It’s ridiculous.
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it’s not the kickback, it’s giving access to my bank account that I’m trying to avoid by using a credit card as a middle man
Yeah, having someone bigger on your side when a purchase goes sideways is a big perk.
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The US have a monopoly on credit card payments with Visa, Mastercard, American Express, Diners Club, etc.
Even with online payment systems like PayPal, GPay, Apple Pay.
The only Canadian option that I know of is the new Shop Pay, which is owned by Shopify. (And we all know the founder CEO, Tobias Lutke is a far-right fascist traitor who loves the idea of being a 51st state.)
Right now Visa and Mastercard are controlling what stores can sell, and what services can be provided. Censoring online content, like asking Steam and Itch.io to remove certain games.
What are examples of alternatives in other countries? I know that Japan, for example, has their own independent ones, I think?
Do you think they might be refused by American companies in order to keep their monopoly?
I’d like to know what you think.
Interac needs to enter the credit card market.
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Too speculative. Too unstable in value.
The housing bubble is fueled by QE, the BoC buying half of all mortgage bonds, and cheap mortgage debt.
The entire system is already a ponzi scheme. We made cantillionaires out of home owners as we lead to crisis levels in productive investment.
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Not just Canada. It’s almost the entire world. Many Asian countries rely on Alipay, the rest of the world is under the control of US payment systems. Even in European countries the UK based Maistro has been replaced for Visa or Mastercard.
Maestro you mean?
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Still paying more for goods then we should be.
Yep, it’s a shitty system, but most people’s finances are tight enough that they don’t want to give up that 1-3%(plus other perks) just on principle. Good example though of how those with the lowest income won’t qualify for a credit card but still pay the fees baked into store prices while those with the highest incomes qualify for the cards with the best befits.
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The problem is there’s no incentive to use it, as you don’t get the kickback your credit card provides. I’m not sure how the CC duopoly tricked us into disallowing retailer cash/debit discounting.
Simple. Part of the merchant agreement with someone like MC or Visa is that you’ll pay them 3%, but not tack it on as a visible fee for the purchaser, or offer discounts for non CC transactions. So a merchant could do so, but they run the risk of the CC company terminating their agreement and perhaps suing them.
