Canadian businesses can charge credit card fees starting Oct. 6

  1. It will definitely be interesting for sure to see how this bullshit plays out. Merchants already account for the interchange fees credit cards charge in their prices. Adding another charge is a load of shit, especially considering how much the cost of everything has gone up. When does it end?

  2. How about we start charging our employers an extra fee to offset the bank charges for our accounts in which they pay us via direct deposit?

  3. When the economy collapses. That's how this kind of shit always ends. Only way it ever does.

  4. I will avoid shopping anywhere that implements this. In addition, if I can't avoid and I don't have a card that can recoup the fee, I will definitely be paying with cash (or cheque!!) to increase the pain on the merchant. You have to fight with the weapons you have. 🤷‍♂️

  5. If you pay with cash at a small business, you're probably helping a small business commit tax evasion, or ensuring that a food/hospitality worker underreports their tip income.

  6. what if the merchant doesn't advertise they are charging the fee. You only see it after you shopped and got a receipt

  7. Does paying with cash really increase the pain on anyone? I mean, I still use cash all over... it helps me not spend money I don't have, and in my experience merchants will sometimes prefer it, even giving deals for people paying cash to avoid all the credit card red tape. Cash is still king, as far as I know.

  8. My (limited) understanding of the law (OPC) is that they must include all fees into the displayed price, prohibiting a surcharge. Although, they could offer a discount when paying cash or debit - which they couldn't before because it was a breach of their Visa/MC contract. This proposition is still less attractive so the proportion of business going this route should be even smaller.

  9. Curious how widely & quickly this will get adopted by retailers / merchants ... it will kill a big part of the churning game :(

  10. Hard to say how this will play out. I can see where some businesses might be hesitant to alienate customers by slapping an extra fee on their bills. On the other hand credit cards are much more convenient than cash or debit so consumers are a captive audience.

  11. I doubt it’ll be widespread. Surcharging has been allowed in a lot of places and very few merchants actually do it.

  12. If people stop using credit cards it could force banks to incentivize consumers even more with higher WB and point structures

  13. Well the banks could lose a ton of revenue, they will discourage such practices… it could also have a negative impact on airline programs such as Aeroplan which encourage people to have credit cards.

  14. I'm trying to understand why Mastercard would benefit when other CC companies wouldn't. Are you thinking that merchants would charge different fees for diff CC company cards??

  15. Pay the small businesses less tips and let them know you took the processing fee out of the tips.

  16. yeah but all you'll be doing is telling some poor barista that they're getting 13% instead of 15% because Telus charged you 2% for your CC transaction and you look like an asshole

  17. Banks charge business accounts fees to deposit cash… it’s 10x on coins and those coins must be rolled. If I get charged for using a card, I have toonies and $100’s on hand to retaliate

  18. Pure speculation here: I would imagine the impact on day-to-day spending is actually going to be pretty limited. The number of big box stores that either have their own cobranded credit card, credit card partnership or compete with another chain that falls into those two categories is pretty large. They make a ton of money off of that and they're not going to suddenly discourage people from paying with their CC.

  19. This has been my thought, but it's easier for people to cry "the sky is falling" than to think logically on it. From the moment Telus first hid the headlines, I knew Rogers would almost definitely not implement this because they put so much time into their CC business. Hell, they just rolled out a NEW one. Putting a surcharge on it would be illogical, they WANT people to spend on that card.

  20. Quick, everybody go order a cheque book. Let’s see how they like it once they have to hire an entire team just to open mail and process cheques.

  21. I'll be avoiding places that add this fee - or if I'm ad a place that adds it, and usually is a place where I would tip, I will reduce the tip to make up for it and let them know

  22. Cash Back cards officially became useless. Your 1 - 2% cash back is worthless if you are paying 1 - 2% extra to use the card. rip

  23. MBNA WE with 5% back for bills, groceries and restaurants FTW. Granted it reduces the effective cash back but it's still worth while.

  24. I will be walking away from any business transaction that charges me a cc fee. If I order takeout, and then find out they are charging me this fee I'll refuse and walk away. If I get to the.checkout at a store, I'll leave my items on the counter.

  25. Paying 1-5% in fees is worth it when the return for meeting MSR is 10%-15%. Having said that, 0% in fees is obviously ideal.

  26. I think merchant could have added a surcharge (only) for Amex in the past. But it didn't make any sense to add a surcharge only for Amex when you could simply "don't take Amex".

  27. I hope it’s only TELUS. That goes with charging this. And hope they lose their customers. As others have said businesses have the interchange fee built into their current pricing.

  28. How about putting a google review for the business that changes this fees. In this day and age most business do care about reviews especially service industries.

  29. Can someone please confirm that this does not apply to Amex? All the articles I am reading only mention MC and Visa specifically.

  30. Sounds like there were never restrictions on charging fees for Amex but no one did it since it was the only one. Now that Visa and MasterCard can charge, Amex will almost certainly be included too

  31. From what I read, the merchant has to give 30 days notice prior to implementing. Then, they must also let you know up front before purchase.

  32. So I guess, I’m the last two weeks, converting my visa credit card to an aeroplan card and signing up for an AMEX cobalt to gather points ……. Was absolutely pointless ( no pun intended )

  33. I doubt that would be legal given the settlement, and anyway too complicated to enforce or monitor.

  34. Why say “can charge” when we all know damn well greed turns it into “will charge”. It’s like “minimum wage” actually meaning “all I have to pay”.

  35. So at restaurants we'll have to pay their waiters/waitresses wages for them AND their transactional expenses?

  36. Does anyone know the logistics of paying wtih a visa debit card, and if it will eat the surcharge from this?

  37. VISA Debit, Debit MasterCard, VISA Prepaid, and Mastercard Prepaid are not supposed to be surcharged. AMEX is also not affected by this issue.

  38. And once again, the least wealthy of our society get screwed the most (I.e. the ones who need credit cards because they live paycheck to paycheck). I can see legislation (similar to Quebec) getting proposed real quick if this gets out of hand.

  39. As the restrictions lifts away today, it would be interesting to see which businesses were ready to charge the customer back.

  40. I see this as a positive. Places like No Frills will offer a 3% discount to those who pay with debit. Those who insist on credit card, pay the fee. The loser is VISA who will get less revenue as people are incentivized away from credit cards. Probably why it was such a legal fight.

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