Adidas Tech Super 2.0 G95535

Canadians don't know it, but there is an active public policy debate underway that could negatively impact how and where Canadians use their credit cards and the rewards programs they value.

And what about the honour all cards rule? Imagine that you're in the grocery store with a Adidas Tech Super Size Guide

The Vancouver Sun

Adidas Tech Super 2.0 G95535

Adidas Tech Super 2.0 G95535

second, the "no surcharging" rule prohibits retailers from adding a surcharge a retail checkout fee to customers paying with a credit card. (Stores can now offer a discount for other forms of payment, but few do).

Adidas Tech Super 2.0 G95535

Adidas Tech Super 2.0 G95535

In 2003, Australia allowed surcharging in the hopes that retailers would pass on the cost savings to consumers. But that hasn't happened. In fact, some stores are imposing surcharges that are much higher than the cost of their credit card acceptance, sometimes double. So Australian consumers are effectively paying twice for retailers to accept credit card payments.

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Adidas Tech Super 2.0 G95535

Terry Campbell is president of the Canadian Bankers Association.

Adidas Tech Super 2.0 G95535

Let's assume the no surcharging rule is eliminated and stores can charge their customers extra for credit card transactions. The fees retail stores pay to accept credit cards are already reflected in how stores price their products. Surcharging would be an additional charge to consumers.

Adidas Tech Super 2.0 G95535

Embarrassing? Frustrating? Maddening? All of the above. But that's exactly what could Adidas Tech Super 2.0 G95535 happen if the honour all cards rule is eliminated.

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Adidas Tech Super 2.0 G95535

Retailers receive many benefits from credit card acceptance. Credit cards provide retailers with fast and safe guaranteed payment that can reduce lines at the checkout. If every payment transaction took an extra 30 seconds, that would add another 27 million hours of staff time each year. And credit card payments allow retailers to offer customers credit without taking on the risk.

Retail stores have many expenses that are part of their costs of doing business, including rent, wages and utilities. While they do pay a fee to accept credit cards, these fees are a small part of their overall expenses. By contrast, paying with cash is one of the most expensive forms of payment and has higher security costs and safety concerns for a store's employees.

The Consumers' Association of Canada is strongly opposed to eliminating this rule as are 84 per cent of Canadians according to its research. It's easy to see why.

´╗┐Changes to credit card rules could hurt Canadian consumers

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Adidas Tech Super 2.0 G95535

In addition to the negative impact on consumers from changing these rules, retailers also leave out some important facts from the whole debate on credit cards.

Original source article:Changes to credit card rules could hurt Canadian consumers

What's being proposed is the elimination of two credit card system rules which currently benefit Canadian consumers. The first, the "honour all cards" rule, requires that if a retailer says it accepts Visa or MasterCard, then it must accept all cards with the Visa or MasterCard brand. And Adidas Sl 72 Yellow

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cart full of groceries. You wait patiently in the checkout line but, when you offer your MasterCard as payment, you're told that the store accepts some MasterCards but not yours.

Adidas Tech Super 2.0 G95535

If either the rule on no surcharging or on honour all cards is eliminated, the retail experience for Canadians could be drastically changed, and not for the better.

Retailers who enjoy the benefits of accepting credit cards already build their costs into the price of goods and services. But it seems retailers now want to build that in twice. Is that fair?

Adidas Tech Super 2.0 G95535

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