CFIB hails savings on credit card fees

Chrystia Freeland, deputy prime minister and minister of finance, has announced more details about the changes to credit card fees included in the federal budget. As a result of the government’s agreement with card issuers, small businesses with annual Visa sales of up to $300,000 and MasterCard sales up to $175,000 will qualify for a 0.95 percent interchange rate on credit-card transactions. They will also see a 0.1 cut in fees for e-commerce purchases.

Dan Kelly, president of the Canadian Federation of Independent Business, was present for the announcement. In a release, he called the new rates, which represent a reduction of up to 27 percent, a “significant accomplishment.”