New rules for Canadian credit cards and debit cards may affect $6 billion worth of products

New rules for Canadian credit cards and debit cards may affect $6 billion worth of products

September 16, 2021 Comments Off on New rules for Canadian credit cards and debit cards may affect $6 billion worth of products By admin

A proposed new federal rule that could make it more difficult for Canadians to use their credit cards for purchases at some financial institutions could cost the Canadian economy hundreds of billions of dollars, according to analysts.

The rule is expected to be released this fall, and it’s one of the latest proposals from Prime Minister Justin Trudeau’s Liberal government that’s expected to face stiff opposition from financial firms and some lawmakers.

Trudeau’s plan to make it easier to use credit cards is expected by many to affect credit card purchases and the costs of financial products.

Some financial firms have already expressed concerns, saying the rules could lead to higher costs for consumers.

“It will have an impact on consumers, and I think that is a concern,” said Michael O’Leary, senior director at investment firm Capital Economics.

“I would imagine that we will see a lot of people using their credit card to buy more expensive things, and those will have a very detrimental impact on the economy.”

The proposed rule, which could come into effect on Jan. 1, would allow consumers to use debit and credit cards to make payments to financial institutions, such as banks, to make purchases, but it would not apply to credit cards.

Financial firms argue the new rules would help protect consumers by limiting their exposure to banks.

Financial transactions have been growing rapidly in recent years as credit cards become more popular, and Canada is one of a handful of nations that have adopted the new technology.

Many Canadians are still using credit cards, with the average Canadian paying out about $7,000 a year on credit cards compared to $1,400 on debit cards, according a survey by the Canadian Credit Association in December.

The new rules could also have an effect on other products, such the popular online shopping services such as Amazon, according forkingover.com.

“We have seen an increasing number of online shoppers using credit, debit, and prepaid cards to shop online,” said CEO Matthew Beddington.

“The new rules proposed by the government would likely make it harder for consumers to buy online products.”

Consumers could still make purchases online using their traditional bank account, and online shopping could continue to thrive in Canada, according the Canadian Association of Bank Financial Officers.

“These changes to credit card usage would make it even harder for Canadian consumers to access online shopping, and that is not good news,” Beddingsons said.

Beddington believes it would be “inevitable” that a significant portion of the U.S. credit card market would be affected by the new regulations, with retailers including Amazon, Walgreens, Target and Best Buy already offering online shopping for credit cards at some of their stores.

“That’s the risk, and we need to be careful in our regulatory policy decisions,” Bedsons said, “because the impact is very significant.”

The U.K. introduced similar regulations in 2014, but they didn’t have the same effect as the new Canadian rules.

The U of T’s O’Connor said he expects that some of the biggest financial institutions will be affected.

“Many will be more cautious about their lending activities because of the new requirements, and the banks will be concerned because they will be looking to diversify their lending across their existing portfolio,” he said.

“And some may have already taken steps to reduce the impact of these regulations, but that is unlikely to be the case for all.”

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