Federal Government To Take On Credit Card Fees | Refresh Financial

Official blog of Refresh Financial

Federal Government To Take On Credit Card Fees

credit cards

Visa and Mastercard have both just recently announced that internal audits of their practices prove that each company has fallen in line with the Canadian Government’s demand that rates charged to merchants be lowered.

Walmart Refuses to Accept Visa

Because of the inflated charges, Walmart, among other Canadian merchants, has taken a stand against inflated credit card fees by refusing to do business with Visa. Which for you, means in some Walmart stores you will no longer be able to pay for your purchase with your visa card (their Manitoba stores, to start with). They have warned that if fees don’t become more reasonable, the refusal to accept visa would expand to all of their locations across Canada.

Visa and Mastercard Completed Audits

Two years were given to Visa and Mastercard to prove they had lowered the fees they charge to merchants in Canada, and that two years has just ended. In light of this, the two companies reported that they have performed audits, and the reports came back saying they were in compliance with the federal government’s guidelines. When pressed for evidence of said compliance, the companies refused to provide the reports from the audits. Canada’s Finance Minister, Bill Morneau, promptly announced the intention of the federal government to perform their own investigation.

How Does it Affect Me?

While the fees charged to merchants such as Walmart don’t necessarily affect you directly, they do affect you in a roundabout way - these fees add operating costs to Walmart’s budget. Their overhead is increased and it needs to be made up for in one way or another. Usually, this means the price of the goods you buy in their stores goes up. That would mean less money in your pocket, because credit card companies like Visa and Mastercard are more or less gouging Canadian merchants.


Other countries have strict rules in place regarding the fees major credit card companies can charge their merchants. In fact, Canada pays some of the highest fees in the world. Ensuring these fees are more reasonable is good for your wallet, and for the cost of doing business in Canada. Lowering the cost of credit card transactions is great for corporate giants like Walmart, but it’s also great for the small Mom and Pop operations across the nation. If these fees don’t change, we could see many merchants across Canada refusing to accept your credit cards as payment.

Do you think the major credit card companies should adhere to a lower merchant fee standard? Let us know why or why not in the comments!

Leave a Reply

Your email address will not be published. Required fields are marked *


19 + = 26

    What Canadians are saying about Refresh

    I would like to thank Refresh Financial for helping me get out of a bad spot. I never thought it was possible and almost gave up on things and then I saw Refresh Financial and and gave it a try. At first I was unsure of things but to see my credit score now makes me a believer in this program.

    – Aaron A

    “It hasn’t even been a year yet, possibly only 6-7 months, and my TransUnion score has gone up over 100 points. That was only the tip of the iceberg as recently I was able to get a consolidation loan from my bank that allowed me to move forward and make things easier for me. Talk about second chances!”

    – Angelica M

    “I am now in a position where I am able to obtain credit (just bought a brand-new car and refinanced my mortgage for a fantastic rate) and it took little to no time at all. I would 100% recommend Refresh to anyone looking to rebuild credit with as little hassle as possible.”

    – Cathy M

    “I had not heard of a company doing such a thing before someone suggested it to me and it made sense. I am not very good at saving money and Refresh Financial helped me. I have dealt with them for years now and never had a problem. The customer service is excellent and fast.”

    – Chris C

    Refresh helped me regain credit following a nasty divorce, which left me with a very poor rating. They were able to remarkably help me go from a 480 to a 600 score, in just over a year. Thank you Refresh!”

    – Deb K

    I have watched my credit score jump since being with Refresh and I have already recommended it to friends and family. Thank you for helping me build my credit faster for my future and my children’s future :)”

    – Heather T

    At first I was skeptical because I wasn’t getting funds upfront and had to make payments when I really needed the money. I’ve been in the program a year now and have noticed my credit has improved drastically!”

    – Irene L

    I have been a client of Refresh Financial for approximately 3 years. Since being a client they have improved my credit immensely. Definitely recommend this company to anybody that needs help re-establishing credit.”

    – Jason I

    “I recommend this program to anyone having credit issues. At the end of the agreement, your money is refunded to you. There were times I found myself short on cash and Refresh, with permission, used a portion of my money to clear up my arrears.”

    – Margaret L

    “I would like to thank Refresh Financial for their professionalism, great customer service and for helping get back to a better financial situation. I have always been treated with the utmost respect.”

    – Martine B

    Refresh Financial is an amazing program to help people get back on their feet. I was rock bottom with nowhere to turn. My credit was beyond poor. I would recommend them to anyone. If I can do it surely anyone else can.”

    – Matthew S

    “Great company to deal with for rebuilding credit, very simple process to get started. Good service if you ever have questions.”

    – Mike L

    This business truly cares about its clients. The customer service is always quick to return calls or emails. Their online portal functions very well so as a customer you are always updated as you progress with your loan.

    – Phil J

    “Refresh Financial has made us more aware of how to take care of our financial situation and be more responsible, and making payments on time is rewarding in the end for credit. Thank You sincerely.”

    – Rocky M.

    “Refresh financial is great!!! They boosted my credit score, helped me save money and helped my husband and I buy our house;) I was not only a number to them, they stayed in touch and helped me out along the way. Answered all my questions and concerns.”

    – Sara B

    “Refresh Financial had been exceptionally good to me! I’ve just been out on medical leave and they have accommodated me with my payments without hesitation!! I was in a really bad spot with my credit and they have helped me to try and correct it!! Bravo!”

    – Shannon B

    This company has been nothing but fantastic. They have gone above and beyond to help me. This program has given me the relief and peace of mind I need. I would certainly go back to them and give them names of people who could use this.”

    – Shirley K

    The financial services products are excellent for new immigrants, low-income earners and small business owners. Loans, savings and credit building all in one solution is a perfect fit to help with financial goals and stability.”

    – Soraya H

    “After successfully going through a credit rebuilding loan, I was able to use my built-up equity to purchase a newer vehicle and I have since been approved through a financial institution for a loan.”

    – Tanya W

    “I made some poor credit choices when I turned 18 and have always had this lingering thought of how am I ever going to better my score. Since being with Refresh I have realized that I took the right step towards bettering my future.”

    – Taylor B

    I’m so excited I’ve joined refresh! I’ve already seen a huge increase on my credit after the first month! The staff are a delight and make this so easy to understand. I strongly recommend Refresh Financial even if you have good credit this will give you a boost and you’re saving money with the reverse loan!”

    – Wayne B