The Canadian Federation of Independent Business has launched its campaign to assist retailers in avoiding higher fees on so-called premium cards. Visa, MasterCard and the banks which issue them, are planning such cards. They would promote “rewards” which were really paid for by the merchants (and ultimately by customers) through higher prices. Presumably there would be a fee to obtain the card too, just like Amex. The CFIB says: “If consumers help us shift even a small number of transactions from credit cards to Interac or cash, we feel the banks and credit card companies may wake up and reconsider their fee structure.” So what would you prefer, a “reward” which you might get cheaper elsewhere if you shopped it, or plain lower prices. We have written about this before. CFIB campaign targets credit card charges
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The Canadian Federation of Independent Business has launched its campaign to assist retailers in avoiding higher fees on so-called premium cards. Visa, MasterCard and the banks which issue them, are planning such cards. They would promote “rewards” which were really paid for by the merchants (and ultimately by customers) through higher prices. Presumably there would be a fee to obtain the card too, just like Amex. The CFIB says: “If consumers help us shift even a small number of transactions from credit cards to Interac or cash, we feel the banks and credit card companies may wake up and reconsider their fee structure.” So what would you prefer, a “reward” which you might get cheaper elsewhere if you shopped it, or plain lower prices. We have written about this before. 