Incoming Credit Card Fees?

[ilovetotravel1977]

Well, this could/will hinder collecting reward miles/points on credit cards for everyday transactions (i.e., purchasing a pack of gum). Will this new fee change the way you charge to your credit card to earn rewards?

https://www.cbc.ca/news/ask-cbc/ask-credit-card-v2-1.6616908

 

[cari12]

Well, this could/will hinder collecting reward miles/points on credit cards for everyday transactions (i.e., purchasing a pack of gum). Will this new fee change the way you charge to your credit card to earn rewards?

https://www.cbc.ca/news/ask-cbc/ask-credit-card-v2-1.6616908

Depends which retailers start adding it. Hoping most don’t since it’s always been a cost of doing business so technically it’s always been factored into the prices of things.

 

[ilovetotravel1977]

I read that they think grocery stores will definitely be adding them since people can't go without food. How horrible is that? VISA and MC are the only cards as now doing it since they were the ones in the lawsuit the article says.

 

[pigletto]

My husband and I were saying the other day that we will have to wait and see , but if they don’t increase the percentage or give better rewards on the credit cards they just won’t be worth it for us.

I have a feeling that I will save way more than fees by dropping credit card use. We pay it off every month but I think sometimes swiping a card just gets me to spend more than the days when I had to count cash and make sure I was paying attention. I love some of the perks.. like the free insurance on rental cars. But it won’t hurt me to go back to cash.

 

[Donald - my hero]

luckily for us amex isn't included in the list and it's the card we both reach for first. I only use my Mastercard when i have targeted airmiles offers, at the dentist, physio and eye Dr, and a few smaller local businesses. I completely understand the reasoning behind it since we take a hit every time someone uses their card to pay hubby but it's still annoying as a shopper my hairdresser stopped taking anything other than cash or debit and i rarely have cash and don't have a debit card so my hair gets longer before i go for a cut! Even before covid-19 made retailers leery of taking cash i only ever carried an "emergency" $20 with me, just using a card is easier and earns miles. Like others we pay it in full every month so why not?

 

[ilovetotravel1977]

I believe Debit will still be free, just the CCs.

 

[samsteele]

No Frills and discount grocery stores likely won't as some customers will just revert back to debit or cash. Most of those stores only accepted debit or cash until covid and then plastic for safety. Walmart will be watching and waiting. Likely not in the first tier to charge.

First big chargers will be cell phone companies like Bell, Telus and Rogers. All will charge in unison as Cdns hooked on their smart phones and no alternatives. Another reason we need more choice and more companies.

 

[mort1331]

It would be a huge slap if Loblaws does,,,they have their own CC,,so hard to justify. Unless thats a perk of having their card

 

[pigletto]

No Frills and discount grocery stores likely won't as some customers will just revert back to debit or cash. Most of those stores only accepted debit or cash until covid and then plastic for safety. Walmart will be watching and waiting. Likely not in the first tier to charge.

First big chargers will be cell phone companies like Bell, Telus and Rogers. All will charge in unison as Cdns hooked on their smart phones and no alternatives. Another reason we need more choice and more companies.

I agree with your thoughts. I’m with Public Mobile who are owned by Telus. They sell gift cards and I’ll just preload my account. It might seem cheap of me but the last place that needs more of my money is cell phone companies.

I hope this doesn’t hurt small businesses. I agree a smaller place should offset the cost to the consumer since they have such razor thin profits. But Telus or Walmart .. I’ll die before they get a transaction fee from me. Which means I’m now officially old and cheap and have completed my transformation into my mother.

 

[ottawamom]

I agree with your thoughts. I’m with Public Mobile who are owned by Telus. They sell gift cards and I’ll just preload my account. It might seem cheap of me but the last place that needs more of my money is cell phone companies.

I hope this doesn’t hurt small businesses. I agree a smaller place should offset the cost to the consumer since they have such razor thin profits. But Telus or Walmart .. I’ll die before they get a transaction fee from me. Which means I’m now officially old and cheap and have completed my transformation into my mother.

Public and Koodo won't be charging for credit card use yet. Only Telus. Safe for now.

CBC article quoted in earlier post
"Telus's discount flanker brands including Koodo and Public Mobile will not be subject to the fee, nor will customers in Quebec".

 

[samsteele]

Which means I’m now officially old and cheap and have completed my transformation into my mother.

And there's nothing wrong with that! We all could take a few more lessons from Mom.

 

[isabellea]

Apparently QC has a law preventing businesses from adding any fee other than taxes to sales so for now we should be okay but I’m sure they will get us eventually (or just hide it in the prices). I’m usually annoyed by some of our laws but I like this one. The federal gvt should follow other countries and cap the % of the interchange fee to help small businesses and customers.

 

[momof2gr8kids]

It would be a huge slap if Loblaws does,,,they have their own CC,,so hard to justify. Unless thats a perk of having their card

I could see them using it as a way to get their customers to switch over to their CC. You can pay the extra fee, or sign up today for our store credit card!

 

[Pumpkin1172]

When big companies ( cough cough TELUS ) are going to do this....it infuriates me. They are making record profits and can absorb the cost of it. We won't use our cc to pay if they are going to charge me. BUT...if it's the little boutique I found some cute clothes in or a locally owned restaurant, I will definitely and be happy to pay that fee.

I'm soooooooooooo tired of things like this happening that is just making the cost of living higher for the little guy. Like seriously TELUS.....do you NOT already have record profits??????? So you need even higher profits????? Are you going to be giving your employees a rise with the money collected for people using cc????? I'm asssuming not!!!! Rant over

 

[dancin Disney style]

Business owner here.

This is going to get interesting for sure. Do I think that most business will add a fee....actually, no. I think we will see the very small independent merchants add a small set fee for using a CC. Perhaps something like $1. Many have been doing that for years. The variety store down the street from me has charged 50 cents to all credit card transactions for the last 20+ years. Some businesses will just raise prices which is common at the start of the year anyway. Right now a price increase can be disguised as many other things other than credit card fees.

Restaurants are a whole different animal and they have had probably the hardest go of it since in the last 2.5 yrs. They may straight up add a percentage. Profits have always been very slim for them regardless.

Then there is the whole subject of corp greed. Take grocery stores as an example on that one....will they take advantage of the fact the food is not a luxury item? I certainly hope not but who knows. Perhaps if they get enough bad press with the upcoming federal hearings they will back off, at least for a while.


Personally, I will not stop using my CC. I primarily use Amex but that has nothing to do with it. With my other card I might have to give thought to a situation where a percentage is being charged but if it's only a dollar or two I will still use my card. I use my card for business expenses that there are no other way to pay for. Aside from that I'm not likely to give up my rewards either.

 

[Pumpkin1172]

Business owner here.

This is going to get interesting for sure. Do I think that most business will add a fee....actually, no. I think we will see the very small independent merchants add a small set fee for using a CC. Perhaps something like $1. Many have been doing that for years. The variety store down the street from me has charged 50 cents to all credit card transactions for the last 20+ years. Some businesses will just raise prices which is common at the start of the year anyway. Right now a price increase can be disguised as many other things other than credit card fees.

Restaurants are a whole different animal and they have had probably the hardest go of it since in the last 2.5 yrs. They may straight up add a percentage. Profits have always been very slim for them regardless.

Then there is the whole subject of corp greed. Take grocery stores as an example on that one....will they take advantage of the fact the food is not a luxury item? I certainly hope not but who knows. Perhaps if they get enough bad press with the upcoming federal hearings they will back off, at least for a while.

Exactly!!!!!!

I have ZERO problem paying it to a small business owner and will gladly do that, as the product of what I'm getting is exactly why I'm visiting that particular store. But when big chains want to charge me for that....THEN I will start calling them out. It is nothing but big corporate greed!