- #UFOCUS CARD FULL#
- #UFOCUS CARD CODE#
4Ĭonsumers are encouraged to learn more about the choices available and to select the credit card that best suits their needs.
Research has found that nearly three-quarters of Canadians (72%) carry at least one credit card that has a rewards program and for 82%, rewards are a priority when selecting a credit card. Canadians also love their rewards points programs and the majority use them to help make a family vacation more attainable with travel points, save money on their grocery bills with cash-back rewards or use their rewards points to donate to a favourite charity. There are many low-rate cards on the market and over 30 of those cards have an interest rate of under 13%. 76.2 million Visa and MasterCard cards are in circulation in Canada. 
Hundreds of institutions in Canada, including banks, credit unions, retailers, caisses populaires, trust companies and finance companies offer credit card products. Customers may choose among standard cards without an annual fee, premium cards that offer rewards and features, and low-rate cards if the interest rate is a key consideration influencing the card choice. When it comes to choosing a credit card, banks offer consumers a wide variety of products. Ninety-five per cent of adult Canadians have at least one credit card 2 and this method of payment is the choice for the overwhelming majority of retail e-commerce transactions. When making a purchase, consumers can choose to use cash, cheques, debit cards, credit cards as well as electronic payments services like PayPal and Interac Online. Innovative new payments – innovations in payment options introduced by banks and credit card companies, such as contactless cards and online and mobile payments, benefit retailers and make it easier for customer to make purchases. Expanded markets ability to sell to customers throughout Canada and around the world in the currency used by the retailer. 
Reduced cash on hand and cash handling time and costs, including counting cash at the end of the day, armoured transport, higher likelihood of theft and pilfering and potential mistakes by cashiers. The ability of accepting credit without worrying about the creditworthiness of customers, insufficient funds or outstanding receivables. If every credit card transaction took an extra 30 seconds, it would use up an additional 27 million hours of staff time each year Fast, guaranteed payment, which can reduce line-ups at checkout. Reaching a large customer base – Credit cards are the preferred method of payment for many customers, and customers will select retailers that allow them to choose their preferred method of payment. 
Retailers that do accept credit cards receive many benefits, including: Retailers are not required to accept credit cards, but do so in increasing numbers. Other rewards and benefits, such as air travel points, car insurance, damage and loss insurance and extended warranty programs.Fraud protection with zero liability to the consumer in cases of fraud.Coverage for purchases if the item is damaged, stolen or not delivered within 90 days.Instant payment of purchases, allowing for instant receipt of goods and services.Interest-free payment from time of purchase to the end of the billing period.Access to unsecured credit (no collateral required against amounts charged).Credit card benefits for consumersĪ credit card is a convenient and flexible payment tool accepted in more than 200 countries and at millions of locations worldwide. And the majority of Canadians use their credit card as a method of payment rather than a means of borrowing. There are many low interest rate cards on the market and over 30 of those cards have an interest rate of under 13%Ĭredit cards offer valuable benefits for both consumers and retailers.Credit cards offer access to unsecured credit (no collateral required).For those who choose to carry a balance:.
#UFOCUS CARD FULL#
70% of Canadians pay their credit card balance in full each month 1, so for them the interest rate is zero.Credit cards provide interest-free credit from the time of purchase to the end of the billing period.
#UFOCUS CARD CODE#
Code of Conduct for the Credit and Debit Card Industry in Canada (PDF) Fast facts
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