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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 :

!buyeuropean@feddit.uk !buyafrican@baraza.africa !boycottus@lemmy.ca !canada@lemmy.ca !canada@lemmy.ml

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

submitted 3 days 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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[–] knightly@pawb.social 67 points 3 days ago (19 children)

I work for an American credit card company, and my advice is to ditch credit and debit cards entirely. Use cash.

[–] Albbi@lemmy.ca 15 points 3 days ago (10 children)

I would love to hear your side of things. Cash is better for curbing impulse spending and it is of course anonymous but it is inconvenient. I feel like there's a target on my back when I walk around with more than a couple hundred dollars.

[–] johncandy1812@lemmy.ca 6 points 3 days ago

There also is no middle-man with cash.

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