Credit card companies and banks have turned confusion and a lack of clarity into a fine art, said Catherine Swift, president of the Canadian Federation of Independent Business (CFIB).
The comments come in the wake of a recent poll that reveals 83 per cent of people think the consumers will ultimately pay for the higher fees merchants are charged to process some premium credit cards.
Swift says some customers are completely unaware of the higher fees merchants are charged, and oftentimes even the merchants are unaware until after they process the cards.
Swift said it’ll be very convenient for the credit card companies if the public thinks the merchants are simply charging customers more, rather than the credit card companies themselves to take the blame.
Which is why the CFIB is lobbying the government, the opposition parties and the Senate to “get on the same page to bring some accountability, clarity and transparency into this area,” said Swift. “At this point in time there is hardly any.”
The results of the poll are accurate to +/- 2.5 per cent 19 times out of 20.
.jpeg;w=120;h=80;mode=crop)
