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Credit Card News

Canada is Maxed Out, But Credit Cards are Decreasing

350x290_canada-maxed-out-credit-cards-decreasing

Until recently, the number of credit cards in circulation was increasing annually. According to Industry Insights’ quarterly report from Q4 of 2016 however, this trend is reversing quickly. In fact, there were 800,000 fewer credit cards in use in 2016, a significant decrease. Oddly enough though, the total Canadian balance did increase by 3.3%. Here’s how industry experts are explaining ... Read More »

WestJet Rewards Changes Tier Structure To Loyalty Program

WestJet Rewards Tiers

Effective February 6th 2017, WestJet Rewards is making several impactful changes to the earning structure of its tiered loyalty program. Overall WestJet will make it easier for Rewards members to maintain status, and will make the program more rewarding for frequent flyers. Infrequent flyers will see a little drop in value. Here’s a summary of the changes to the program: ... Read More »

Visa, Walmart Call Truce – Consumers Win

Walmart Visa Reconcile

After battling it out in public for months, Walmart and Visa Canada have decided to make amends. Walmart has already started accepting Visa cards, after banning the network in all of its stores in Manitoba and Thunder Bay since last summer. While the chattering classes speculate who buckled and why, the truth is very few people actually know the outcome ... Read More »

MasterCard Increases Minimum Income Requirement On All World Elite Credit Cards

MasterCard minimum income

In what is believed to be an effort to comply with its agreement to keep its average interchange rate at or below 1.5%, MasterCard Canada has increased the minimum personal and household income requirements on all of its World Elite MasterCards, issued by all Canadian credit card issuers. Doing so would effectively reduce the number of cardholders with high interchange ... Read More »

Marriott Rewards and Starwood Preferred Guest Enhance Earning Opportunities for Canadians

Marriott Starwood Credit Card Earning Opportunities

Marriott has just improved its loyalty program for Canadians yet again, with the Marriott Rewards Visa credit card and the Starwood Preferred Guest credit card from American Express. Canadian cardholders will now be able to earn more points when staying at a Marriott or Starwood property. The new earning opportunities are the most recent changes Marriott has made since acquiring ... Read More »

Why You Should Root For Visa In Its Battle With Walmart Canada

Visa Walmart Credit Card Interchange fees

In its ongoing feud with VISA over credit card fees, Walmart Canada stopped accepting Visa credit cards in its 16 stores in Manitoba, as of October 24th.  Walmart continues to threaten to ban Visa from the balance of its 400 Canadian stores if Visa doesn’t lower its interchange fees. The question is whether Canadians should be rooting for Walmart or Visa. ... Read More »

Ontario Bill To Protect Rewards Points Passes Second Reading

Protecting rewards Points Act

The Protecting Rewards Points Act (Consumer Protection Amendment), tabled by Ontario MPP Arthur Potts, passed its second reading on Thursday, October 27th. In a seeming reaction to the Air Miles decision to automatically expire Collector points after 5 years, Bill 47 proposes to amend Ontario’s Consumer Protection Act of 2002, so that companies can no longer expire consumer rewards points. The ... Read More »

Scotiabank Makes Changes To Credit Card Rewards and Insurance Programs

Changes to Scotia Rewards Program

Scotiabank is making several changes to its Scotia Rewards, credit card and credit card insurance programs. Most of the changes to the Scotia Rewards program will take effect November 7th, 2016, while the changes to its creditor insurance program will take effect December 12, 2016. Most of the changes seem to be improvements, although we did identify one incremental cost. Changes to ... Read More »

WestJet World Elite MasterCard Top Tier Status Promotion!

WestJet Top Tier Status Promotion

From October 3rd through December 18th, 2016, WestJet is launching a top tier status promotion for WestJet World Elite MasterCard cardholders. WestJet has announced that WestJet World Elite cardholders will be able to achieve Silver or Gold Status if they spend a minimum amount on WestJet flights during the promotional period. WestJet World Elite cardholders need to spend $1,000 on ... Read More »