Canada looking into credit card fees

The Minister of Finance announced yesterday that the Government of Canada will assess interchange fees charged by credit card networks and the effects of the Visa and MasterCard fee reductions.

In November 2014, Visa and MasterCard agreed to limit, for the next 5 years, the amount they charge retailers for processing transactions (i.e. interchange rate) to 1.5% of the value of the good being purchased. The reduced rate was effective as of April 2015.

Visa and MasterCard recently announced on their websites that their respective auditors have found them to be in compliance with the November 2014 rate reduction. The auditor reports have been provided to the Department of Finance.

 

 

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