I’ve recently realized one thing: I now use Interac to pay instead of my credit card. Using the credit card is like paying a tax that sends money straight to the US. I hope more people do so.
I hope they bring back the electronic services tax.
What annoys me is the lack of appetite amonst CAD banks/POS companies in creating their own credit card to break free from Mastercard/VISA. I’m not sure how it’s going in Europe, I thought WERO was going to do something.
It blows my mind that the use of US credit cards continues. Interac charges somewhere around 0.1-0.2% transaction fee. Meanwhile American credit cards charge 2-3%. They give you 1% as “rewards” to give you the impression that you’re not being robbed and they pocket the rest.
Knowing that, I now fully respect vendors who charge a credit card fee to their customers instead of forcing everyone to pay for it through blanket higher prices.
My biggest gripe from living in CO was the fact I had to use debit to buy cannabis because Visa and Mastercard wouldn’t handle dispensary business south of the border. Anyways, use interac, save the 3% fee, and take solace that no one is harvesting your info (except your big 5 bank).
MasterCard & Visa charge a merchant fee to the seller, meaning a percentage of each transaction made using these cards goes to the American credit companies directly, thereby contributing to the US economy.
Exactly. Essentially, about 1% of every dollar spent in Canada using an American credit card goes straight to the US like a tax. People should spread awareness about this.
I’ve recently realized one thing: I now use Interac to pay instead of my credit card. Using the credit card is like paying a tax that sends money straight to the US. I hope more people do so.
I hope they bring back the electronic services tax.
What annoys me is the lack of appetite amonst CAD banks/POS companies in creating their own credit card to break free from Mastercard/VISA. I’m not sure how it’s going in Europe, I thought WERO was going to do something.
It blows my mind that the use of US credit cards continues. Interac charges somewhere around 0.1-0.2% transaction fee. Meanwhile American credit cards charge 2-3%. They give you 1% as “rewards” to give you the impression that you’re not being robbed and they pocket the rest.
Knowing that, I now fully respect vendors who charge a credit card fee to their customers instead of forcing everyone to pay for it through blanket higher prices.
My biggest gripe from living in CO was the fact I had to use debit to buy cannabis because Visa and Mastercard wouldn’t handle dispensary business south of the border. Anyways, use interac, save the 3% fee, and take solace that no one is harvesting your info (except your big 5 bank).
So, there’s this other payment system I’ve heard about. No fees, no purchase tracking, and accepted almost everywhere.
Maybe youve heard of it? It’s called “cash”…
Good point…
What? Someone please educate me. I “always” use MC to pound points. I always pay CC off every month. How is this sending money to U.S.??
MasterCard & Visa charge a merchant fee to the seller, meaning a percentage of each transaction made using these cards goes to the American credit companies directly, thereby contributing to the US economy.
Exactly. Essentially, about 1% of every dollar spent in Canada using an American credit card goes straight to the US like a tax. People should spread awareness about this.