For Immediate Release
September 26th, 2013
90% of Canadian credit card market controlled by two companies, fees are some of the highest in the world
OTTAWA - Senator Pierrette Ringuette will introduce her bill to limit the fees charged to merchants on credit card purchases by the big credit card companies. This will be the 5th time Senator Ringuette has introduced legislation to deal with this pressing issue for Canadian businesses and consumers.
These fees are charged as a percentage of the transaction and increase the costs borne by merchants and therefore increase the costs of goods and services for all Canadian regardless of their method of payment.
Recently, the Competition Tribunal released a decision on the fees, saying that a legislative solution is needed.
But there has been little action from the Harper government, just a do-nothing voluntary code of conduct. Meanwhile they have spent millions advertising their wireless policy, saying that Canadians pay some of the highest wireless rates in the developed world and pointing to the dominance of the largest companies.
The Harper government seems to ignore the fact that those exact same arguments can be said of the credit card industry.
Canada pays some of the highest merchant fees in the world, over $18 million a day in excessive fees, which has amounted to over $5 billion since the bill was last introduces in December 2012.
VISA and Mastercard control about 90% of the market.
Senator Ringuette stated; “I have been working on this issue for 5 years; I have introduced legislation repeatedly only to have it set back by this government’s habit of proroguing parliament on a whim.
But this issue is too important to Canadians and I will introduce the bill again, I will not be brushed aside by the lax attitude of this government towards an issue that affects Canadians on a daily basis.
I urge the government to step up and show the same concern towards excessive credit card fees that they are showing towards the wireless industry by supporting my bill when parliament returns.”
For more information:
Tim Rosenburgh
Office of Senator Pierrette Ringuette
rosent@sen.parl.gc.ca
(613) 943-2248