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Credit Card News

Canadian Credit Card Industry Heading For A Bumpy Ride

Interchange fee regulation Canada

Canada’s credit card market is headed for some upheaval. With Finance Minister Joe Oliver asking Visa and MasterCard to “voluntarily” reduce interchange rates, or face the risk of regulation, Canadians can expect significant changes to their credit cards. Here’s a brief primer on interchange. Interchange is a fee MasterCard and Visa set, which is charged to merchants each time a ... Read More »

4 Reasons Why CapitalOne’s Costco Canada Partnership Might Fail

Costco CapitalOne Partnership

 As we called it earlier in August, Costco Canada is ending its 15 year-old credit card partnership with American Express and beginning a new one with Capital One. CapitalOne has already soft-launched its new product in select stores, and our understanding is the new co-branded MasterCard with Costco will fully launch by the end of September, 2014. American Express will no ... Read More »

Significant Changes to Canadian Rewards Credit Cards On the Horizon

Canadian Interchange Fees

A significant change in the Canadian credit card market could take place in the next few months – and it could have a devastating impact on your favorite rewards credit card. In early September, Minster of Finance Joe Oliver said “the government will work with stake holders to help lower credit card acceptance fees for merchants and also to encourage ... Read More »

Costco Ends American Express Canada Credit Card Partnership

costco credit card canada

It seems as though American Express Canada’s partnership with Costco has come to an end. While not officially announced, all American Express True Earnings Credit Cards from Costco applications and marketing material have been pulled from Costco locations and American Express’ website. It looks like American Express is replacing the Costco True Earnings Card with a very similar and extremely ... Read More »

P.F. Chang’s Latest To Have Credit Card Data Stolen

credit card fraud

P.F. Cang’s, which has over 204 locations, including 3 in Canada, has confirmed that there was a data security breach resulting in credit card and debit card information being stolen from cards used at its restaurants. To plug the whole, P.F. Chang’s has stopped accepting credit cards electronically, until it resolves the security breach. At present they are imprinting cards ... Read More »

Scotiabanks Buys 20% Stake in Canadian Tire Financial Services

canadian tire scotia 20% partnership

TORONTO, ON–(Marketwired – May 08, 2014) – Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) and Scotiabank (TSX: BNS) (NYSE: BNS) today announced a far-reaching strategic partnership that creates unprecedented opportunities for joint marketing to drive new business growth. The agreement will see Scotiabank acquire a 20% equity interest in Canadian Tire’s financial services business for $500 million in cash. Scotiabank will also provide a funding commitment to Canadian ... Read More »

New Regulations of Canadian Pre-Paid Debit Cards Announced

pre-paid debit cards

Joe Oliver, Minister of Finance, will be announcing new regulations of Canadian pre-paid debit cards today. The new regulations, which come into effect today, Wednesday April 30, will require all fees for prepaid card to be disclosed on an information box on the cards packaging. In addition, issuers of pre-paid cards will no longer be allowed to attach an expiry date ... Read More »

Hacked Twitter Accounts Worth More Than A Hacked Credit Card

Hacked Twitter Accounts Worth More Than Credit Cards

The Wall Street Journal reports that stolen Twitter accounts are now more valuable than credit cards on the black market. According to research provided by the Rand Corporation it’s all about supply and demand. The study found that high-profile data breaches — think Target, TJX, PlayStation — create massive surges of available credit card data online. The more cards on the market, the less ... Read More »

Are Dual Currency Credit Cards A Good Idea For Canada?

Dual Currency Credit Cards

The Financial Supervisory Commission of Hong Kong has approved the plan from Taiwanese banks to issue duel-currency credit cards, allowing cardholders to pay in self-designated foreign currencies, typically between the Taiwanese HKD and the Chinese RMB. It will take between eight and 12 months for the new credit cards to become available since banks first have to overcome some technical ... Read More »