Two of every five credit card holders say they would stop shopping at major retailers if they were hit with the 1.5 per cent credit card processing fee, a new Angus Reid poll suggests.The survey results may not be surprising as it comes at a time when interest rates are climbing, inflation is soaring, and the cost of living is getting more expensive.
The average interchange fee in Canada — the amount a business has to pay to process a customers credit cardis 1.4 per cent, but it can reach up to 2.4 per cent depending on the type of credit card, loyalty program, premium amount, and the retailer at which it is used.According to the poll — an online survey of 2,774 Canadian adultReid Forum members conducted Nov. 28 to 30 — 44 per cent of credit card holders will not be shopping at big retailers that add the processing surcharge of 1.5 per cent.
would not shop at a small business if the surcharge was added. More than one-in-10 said they would absorb a 1.5 per cent fee, while three-in-five would use another form of payment. “Nobody wants that kind of this friction with their customer the final moment when they’re making a purchase,” he told the Star. “Merchants obviously are very sensitive about adding a cost to consumer bills’ given the high inflation.
Of those 2 of 5 95% won't notice it. What's an extra 1.5% when compared to the 13% the government takes
Where is my government? To reduce the deficit They should issue credit cards to Canadians with reasonable interest rates. What a wonderful idea!❤️🇨🇦No more corporate indebtedness 😱👍
And I'm one of those 44%. NO WAY will I pay the fee!
If a store decides to add this on top of the cost they already have baked in I will not shop there.
That’s hilarious, you’ve been paying the fees all along buried in the prices. I’ve always said you can charge a customer $13 and they hand over the money no question but charge them $10 plus 15% service fee for the same item and they’re incensed.
Right $1.50 on every hundred.. adds up ...just the principal of it