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A community dedicated to buying Canadian products.

Une communauté dédiée à l'achat de produits Canadiens.

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Related communities: Communautés connexes :

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Let's stop dicking around and talk about ditching something big: Visa and Mastercard (lemmy.ca)

submitted 1 day ago* (last edited 1 day ago) by Albbi@lemmy.ca to c/buycanadian@lemmy.ca

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Visa and Mastercard are American companies, and they essentially tax everybody by taking a percentage of purchase prices for themselves. Not exactly a small percentage either, 1.2% to 2.65%. Ever wonder why so many merchants say they don't accept American Express? That's because they charge quite a bit more to merchantes, 50% more than Visa or Mastercard. Anyway, we're letting American companies tax us and we love them because we get rewards when we use cards. But it's just a shell game because we pay more up front because businesses need to charge more to make up for payment processing charges. They get to sit in the middle and rake in the money.

Now the alternative in Canada is Interac. Interac charges a set amount per transcation. How much? 2 to 5.5 cents. Unless you're going through Apple or Google Pay, and then it's a percentage again.

Interac is also Canadian.

Want to stick it to Trump? Stop using credit cards (and Google Pay or Apple Pay) and switch to Interac. Want to make Canada better? Stop using credit cards and switch to Interac. Is it going to be inconvenient? Yes. Online shopping will be much harder but I have seen online Interac payments before and we can ask our favourite Canadian merchants to accept Interac online.

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[–] IslandLife@lemmy.ca 15 points 1 day ago (1 children)

I have a cash back VISA card. The week after Jan 20, I pulled my card info off every online service I use, stopped using the card entirely, and a few days ago canceled it completely. It was a tough choice. I generally earned about $600 a year cash back, but it's time to free ourselves of America and forge our own path. I don't really see the Can/American relationship ever being repaired at this point. Time to move on.

[–] MisterFrog@lemmy.world 1 points 9 hours ago

Cashback/rewards schemes on cards ought to be illegal anyway. The money ultimately comes from higher prices.

Cards like Amex are just not accepted in most small businesses in Australia already (but this is by choice, not law)

There's no free lunch