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Credit Card News

Canadian Economy Slows: Credit Card Debt Remains Safe

credit card report

As Canada’s economic forecast takes a turn for the worse, Canadian credit cards are still predicted to be a strong performer for banks, according to Fitch Ratings in a recent report. ‘Canadian consumers are facing higher household debt burdens primarily tied to rapidly rising mortgage borrowing and disappointing productivity growth,’ said Managing Director Michael Dean. ‘That said, credit card portfolios ... Read More »

Barclaycard tests ‘tap &go’ payment gloves

Contactless payment gloves

Barclaycard in the UK, has started testing “tap & pay” woollen gloves that can be used to make payments in the same way that you would use contactless cards. “The cosy woollen gloves, which are also touchscreen-enabled so shoppers can use their mobile phones while on the move, act like your credit or debit card and can be used to make ... Read More »

Toronto Public Transit Accepts Credit Cards As of Jan 1, 2015

ttc credit card

Finally! Torontonians will soon be able purchase subway fares with their credit or debit cards. Beginning Jan. 1, 2015, TTC riders can use their credit or debit cards to buy ten or more single fares or any multi-fare pass at all 69 subway stations throughout the network. Tory was critical of the city’s outdated cash-only system currently in place for ... Read More »

New Canadian Credit Card & Loyalty Digital Wallet Launched

Ugo Digital Wallet

TD Canada Trust and President’s Choice Bank have launched Ugo, a mobile wallet. Time will tell if it’s Canada’s answer to Apple Pay. UGO Wallet is a digital wallet app that lets you pay with a credit card loaded onto your phone and collect loyalty points from your favorite loyalty programs. You can pay using the participating credit cards you add ... Read More »

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 »