Fuck banks. If you're ditching Visa, let's talk about creating like an open source bank or something similar.... The world central open bank. Anyone from anywhere can deposit any valuable into it etc etc including bitcoins. Then maybe no charge if you use the world card!!!
Buy Canadian
A community dedicated to buying Canadian products.
Une communauté dédiée à l'achat de produits Canadiens.
Rules:
1. Posts must be related to buying Canadian-made goods and / or using Canadian-owned services
2. Absolutely no bigotry will be tolerated. This includes, but is not limited to, racism, sexism, homophobia, transphobia, etc.
3. AI Content Policy
Not allowed: AI-generated images or articles
Tolerated: AI-generated post summaries
4. Only content in French and English is permitted
5. Declare all self-promotion
Users are encouraged to report any content that violates our community guidelines
Règlements :
1. Les poteaux doivent être en lien avec l'achat de produits et / ou de services opérés par des canadiens
2. Aucune bigoterie ne sera tolérée. Ça comprend, mais sans se limiter à, le racisme, le sexisme, l’homophobie, la transphobie, etc.
3. Politique sur le contenu IA
Non permis : Images ou articles générés par l'IA
Toléré : Résumés IA de publications
4. Seul le contenu en français et en anglais n'est toléré
5. Déclarez toute auto-promotion
Les utilisateurs sont encouragés à signaler tout contenu qui ne respecte pas nos directives communautaires
Related communities: Communautés connexes :
!buyeuropean@feddit.uk !buyafrican@baraza.africa !boycottus@lemmy.ca !canada@lemmy.ca !canada@lemmy.ml ___
Also, you can use your bank card online as a credit card.
Doing so would be over Visa Debit or Mastercard Debit - not Interac. The only difference is that they have a lower interchange rate.
So in regards to payment cards etc.... the CC's basically have three primary benefits to them: 1. They can do 'quick' settlements for in person POS services. 2. They are generally accepted for online payments far more than other methods. 3. They provide access to credit / funds that the customer/user may not normally have access to, in exchange for a high interest rate on amounts owing each month. This also allows people to make larger purchases periodically, and pay off the purchase price over a slightly longer period.
For item 1, the physical cards are not that different than the regular debit cards that get used. There's nothing 'technically' stopping a debit card from being mapped to a line of credit account on a banking system -- such a card would be able to get used anywhere debit cards can get used, so pretty good market penetration off the bat. Only thing potentially stopping the tech side would be 'paper' agreements with interac etc... but those are 'easy' to change with enough demand. So you'd potentially need some adjustments from industry to accommodate this, across the payment switch providers and back end orgs.
For item 3, the availability of credit on those cards / accounts is entirely do-able through a small FI -- historically, they offered lines of credit based on 'signatures' / 'a promise to pay' and good general payment standing at a credit bureau. Canada's regulators changed much of that, forcing industry to heavily preference real estate backed loans -- debt servicing risks for cc 'personal' locs are generally offloaded onto the credit card company directly. So the govt would likely need to relax their regulations on this front, otherwise its untenable for a small FI to provide credit based on signatures. In some ways this would likely be better for the end user, in terms of rates and limits, as a smaller FI, especially one that's cooperative in nature, is less likely to push exploitative rates/conditions.
To clarify how that's controlled by regulators: in BC as an example, the BC FSA regulates Credit Unions, and it also oversees the Credit Union Deposit Insurance Corporation -- the thing that insures the CU's deposits. Credit Unions pay premiums to CUDIC based on the "risk assessment" of the FSA. The FSA rates you very risky if you do signature loans / stuff not backed by RE or other 'fully funded' types of securities (eg. a $5k line of credit, 'secured' by a $5k term deposit). The annual cost difference can eat up like 30% of the small FI's profit, if they're deemed risky. Unless there was some way to 'make up' that loss via the 'risky loans', it's not a viable business decision for CUs to take -- especially when you add in the need for slightly increased monitoring for more 'fluid' payment accounts. Best to keep the regulators happy, to keep your insurance costs as low as possible. So you'd need govt to change its approach.
For item 2, there are lots of viable options for online payments already -- the issue is mostly user adoption and business standardization / app availability. For purchases that aren't 'in person', having a slightly longer settlement time isn't a big issue -- if you're buying a thing online, in general, who cares if the payment is 'instant', or if it takes 15 mins to clear. Things like the interac e-transfers are able to route payments to people in this fashion, and are heavily used in some areas currently -- paying trades, paying rent, paying kids extracurricular, and anything where 'cheques' use to be a norm. AFTs are also still used for many 'bigger' bills/companies, but they're decreasing in popularity -- there are fewer millenials/genZ who are using AFTs for payments, and fewer businesses that go through the process of getting it setup on their end to allow for it. That last parts a similar impediment to adoption of etransfers more broadly -- you see CC payment options for most online purchases, but you almost never see e-transfer options... even though they're functional for regular person to person payments. Having a business email setup with an auto deposit isn't too difficult -- as noted, many small contractors go this route -- but its not common at larger businesses.... for no particular reason.
All that on item 2, is basically to say you need to get most businesses to adopt a 'standard' method for online payments. If every shop you went to had a different 'payment app' you had to download, create an account, transfer money to the account, to use the account... it wouldn't have general end user appeal due to its burden. Credit cards have a simple, ubiquitous standard that's got a ton of apps and plugins to accommodate -- we'd need similar embracing of a, general industry/economy/nation wide approach.
All of these things are do-able, if there's political will. But only if there's political will. If you look at the financial industry, they're generally in bed with US/foreign tech companies these days. Even our govt is run on Microsoft. Getting people to move away from American options would require clear messaging from regulators of "critical infrastructure" industries (like banking), and potentially options for government support as part of those tech migrations (tax breaks to hire specialists/retrain people/develop different apps). Like a positive step would be seeing the BC FSA charge huge "insurance" premiums for Credit Unions which are almost entirely in Microsoft's cloud / US controlled infrastructure. We don't see any of that currently -- instead, we see regulators like the BC FSA shrugging as the industry debates whether online banking portals should be outsourced to a company in Portugal, one in India, or one in the USA (the Canadian CU Trade association, central1, recently walked away from this service area -- with their CEO even getting a bloody business in vancouver award for abandoning it). We likely won't see anything 'material' on this front until after the next election at the very earliest, is my guess. But even then, I doubt they'll put the kind of urgency on it to avoid this sort of thing becoming a potential issue in trade talks.
For anyone curious like I was, Dicking Around is not what i thought. Looked it up and...
"the phrase "dick around" is actually from "dicker around" which is a 19th c. term. "Dicker" is to "Engage in petty argument or bargaining" and "Treat something casually or irresponsibly; toy with something". So when someone is "dick[er]ing around" they are treating serious matters lightly or doing things in an unnecessarily protracted way; which is precisely how we use it.
The word "dick" however, which I would gather, people would envision it meaning "penis" here, simply doesn't work. We don't use "dick" as a verb, yet alone a progressive verb. "To dick" or "to be dicking" a person, although fairly clear in its sexual connotation, is certainly not in use, "dicking (with) a person" however, makes perfect sense, because it's from that ye olden term "dicker" again.
So "dicking around" has nothing to do with the slang term for penis or the disused colloquial meaning of a rookie detective, or it being an everyman"
,
tho clearly OP didnt kno that and instead masculinizes his speech to be 'man talk' about and for Men.
Everyone says "dicking around" instead of "dicker around", I don't think that the poster has any other motives.
REMOVED BY MODERATOR for being too actively feminist
Are you off your meds or something?
REMOVED BY MODERATOR for speaking back against harassment.
When I was paying at a local shop recently, I mentioned to the owner I'm trying to pay cash now rather than card because Visa is a US company and he he thanked me, since using a credit card costs them money.
It’s not all or nothing as you have options folks:
-
If you still want to use credit cards to increase your credit rating and to receive the cashback you can just Interac/cash/direct deposit for small businesses and charities then use the credit cards for the big guys.
-
You can also just boycott Visa, Mastercard, American Express and Discover for the duration of the trade war or the Trump presidency.
Sometimes incremental change is the way to go.
Additional information from Goodsuniteus on the political contributions of the credit processors:
Visa: 51% democrat / 49% republican / very high contribution level.
Mastercard: 56% democrat / 44% republican / very high contribution level.
American Express: 56% democrat / 44% republican / very high contribution level.
Discover: 72% democrat / 28% republican / very high contribution level. (May be acquired by Capital One)
Capitol One: 48% democrat / 52% republican / contribution level very high.
PayPal: 66% democrat / 34% republican / contribution level high.
Apple Pay: 85% democrat / 15% republican / contribution level very high.
Google Pay: 85% democrat / 15% republican / contribution level very high.
Samsung Pay: 63% democrat / 37% republican / contribution level medium. (At least South Korean)
Why do companies put money on both parties? If I'm a candidate and they give money to my enemy it's like not giving me money at all right? Right?
Good post. This is pretty much what I do.
I nearly asked "What about American Express?". Sometimes I wonder how I graduated kindergarten.
In Brazil, there is no alternative :(
For a huge chunk of the internet there isn't one either. If Visa/Mastercard suddenly decide they don't want to do business with you anymore, you're fucked.
Same with mastercard.
I work for an American credit card company, and my advice is to ditch credit and debit cards entirely. Use cash.
Credit cards (when used correctly) is one of the few pro consumer products we have left.
Most cards come with fraud protection, something you cannot get with cash, checks, or gift cards.
Similarly, most cards come with purchase protections like extended warranties. I have a credit card that gives me free damage protection on my cell phone so long as I pay the monthly bill with it.
I'm not saying cash isn't great but there are good reasons to use a credit card. At least for now.
Right, but that shit should be required by law, not bequeathed by US tech monopolists at a ridiculous fee.
As another American who works in the industry, it's a wedding cake of frighteningly bad software piled on top of well-intentioned but poorly implemented mandates piled on top of willful ignorance frosted with solving problems people don't actually have. And the little couple on top are both the capitalist pigman from a 1930s Soviet poster that we all recognize thanks to Hexbear :`(
I prefer cash too.
Good info from the inside, thanks. I had some money in a Digital Payments ETF but I recently dumped it and moved the money to a European fund instead. This makes me feel a bit better about that decision.
The Canadian banks are big enough to build a wholly Canadian credit system for global use, especially if they could get everyone in Canada (and maybe elsewhere) to switch right now.
They probably get too many incentives from Visa and Mastercard to find it enticing though, which is why they're always pushing credit cards and offering cashback and airmiles, etc.
I think there is a European alternative being developed. Perhaps we can get in on that.
The Canadian banks are big enough to build a wholly Canadian credit system for global use
lol Canadian banks don’t even do their own credit analysis, and they rely on interac… they can’t even rollout the basics
Ahh, so as an American my only option is cash. 😔
Cash is better for privacy too. Don't be paying for that abortion, gun, or donation to environmental cause in this climate with Visa.
I actually need the cash back I get from my credit card though, it's more than 1000 per year
At least where I'm from, some stores offer discount for cash greater than the cashback. I always ask :)
Yeah try offering a mechanic cash. It works well. Lol
But you do understand that if credit card cash backs didn’t exist, prices would likely fall by more than the cash back?
Here is the problem. You're not going to get the general population to care enough to change their behavior, and then the only people who miss out are the people who are no longer getting their cash back off their whiny self-righteous protest that amounted to less than a rounding error.
Case in point: I live in one of the most liberal cities in the United States. There is technically supposed to be a one month long boycott (lol) of Target right now. Guess the parking lot of which local retailer is still as packed as it always is every day?
People won't give a shit until they are massively inconvenienced with no alternatives.