this post was submitted on 09 Dec 2023
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@sik0fewl Nice to see a bit of movement on this but it's clear that the #FinanceIndustry in #Canada is still calling the shots given its limited scope.
High interchange fees are basically a tax on the poor. Everyone pays but high net worth individuals are the ones offered #CashBack or Points cards so get some of it back.
They're even horning in on essential costs as I wrote about a few years back http://galbraith-was-right.sheamuspatt.ca/2014/01/credit-card-issuers-elbowing-in-on-more.html
#cdnpoli
I really wish we could just do away with credit cards (for the most part) when shopping in person (vs online). Rewards points are basically just a scam to make you pay with credit cards so that you're not "losing out", since you're subsidizing them either way through merchant fees.
Something that might also help is charging merchant fees only on transactions that are paid via credit cards - Telus recently won a lawsuit to be able to do this.
@sik0fewl Just scanning the net and discovered that #Telus has backed down after customer complaints - they're back to burying the interchange fee in their charges. Of course, customers aren't really saving money as a result - it's back to everyone pays.
#CanadianTire has successfully made credit card customers pay for years by giving less #CashBack on their points cards (Canadian Tire money) for credit card payments. No one else seems to get away with this though.
https://www.cbc.ca/news/business/telus-credit-card-fee-1.6882341
Ugh, that's disappointing. Probably the same people complaining about inflation, too.