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Email this6:41 pm
December 4, 2016
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What is the best way to use Credit Cards and Banking services to help Canadian interests/services?
I will be using my American Express card less. In a sort of protest in what America is doing right now.
I noticed that the insurances for PC credit cards are American based, same for Canadiantire credit cards, and Tangerine credit cards.
I noticed that CIBC has 24 American branches (Simplii is a part of CIBC), TD has over 1,100 American branches, BMO has over 600 American branches.
10:13 pm
February 16, 2013
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Last I checked, both VISA and Mastercard are also big US corporations - so not sure what kind of credit card you plan on using...
6:32 am
April 27, 2017
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The problem with Trump’s tariffs is that they force investments out of Canada, resulting in loss of Canadian jobs and damage to our economy.
Trying to hurt US companies investing in Canada by boycotting them may feel good but serves the exact same purpose which tariffs are trying to achieve.
Boycotting Canadian companies with US subsidiaries… No idea where that is coming from. What did they do wrong?
9:11 am
April 6, 2013
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Most of the fees from a Canadian Visa card or Canadian Mastercard card goes to the Canadian issuer of the card and not to Visa or Mastercard.
For example, on a Mastercard core credit card tap charge, the issuer receives a 0.72% or 0.92% interchange fee. Mastercard Canada receives an Acquirer Volume Assessment Fee of 0.087%.
The issuer keeps any interest charged and doesn't share the interest with the card network Mastercard or Visa.
2:18 pm
November 18, 2017
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And, for example, Amex Bank of Canada (their north-of-the-border arm) is a Canadian company. I'm not sure how much of their ownership or profit goes south. But, as I'm in my seventies and unlikely to be granted new credit despite my stunningly high credit shores - and there are no 100% Canadian alternatives - I'll stick with them in the short term.
RetirEd
3:48 pm
March 16, 2018
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Paying by any brand of credit cards, Paypal or electronic wallet is using American services. Pay by CAD cash or cheques drawn on a Cdn bank account for anyone who wants to show support for Canada.
Ready to cut your credit card? Wait, but that means you can no longer do online shopping or pay for any Uber services.
Really, what is this 51st state all about? Isn't a typical Canadian ALREADY living like a typical American?
For instance, I see Canadians
- eat at the McDonalds, Burger King, KFC,
- drink Starbucks, Budweiser, Tropicana,
- listen to Taylor Swift, Beyonce, Michael Jackson, Neil Diamond,
- shop at Walmart, Costco, Home Depot,
- watch Netflix, NHL Hockey, Disney, Tom Cruise,
- drive Tesla EV, Ford pickup,
- build houses in USA electrical, plumbing standards,
- play/work with Apple smartphones, Microsoft and Intel powered computers,
I can go on and on.
Even our candidates of Liberal leadership race, Carnee and Freelan, do their campaign and interviews on the US networks almost on daily basis. That's right, Canadians campaign on American's network.
The Canadian identity is quite blurry upon scrutiny.
4:52 pm
January 25, 2024
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SaverJunior said
Really, what is this 51st state all about? Isn't a typical Canadian ALREADY living like a typical American?
Oh... but we CANNOT have and carry handguns!!!!
7:35 pm
March 16, 2018
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CAD, that is not true.
Many Canadians chose to register their firearms with the RCMP. See rcmp.ca.
While others skip the registration and use their firearms for purposes of armed robbery, murder and home invasion. Gun violence and shooting incidents happen on a daily basis across the country.
I recalled an earlier mass shooting event cos' I was young when that happened:
"The École Polytechnique massacre, also known as the Montreal massacre, was an antifeminist mass shooting that occurred on December 6, 1989, at the École Polytechnique de Montréal in Montreal, Quebec, Canada. Fourteen women were murdered; another ten women and four men were injured."
So many Canadians own and carry their handguns everyday, legally or not, just like the Americans. 
3:23 am
March 3, 2022
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Many folks don't realize but one* of the hacks** currently used by many Canadian financial institutions, called "Flinks", is routed through US, almost absolutely storing Canadian consumer finance credentials in America, of those who choose to use this wild west of a "solution". Just saying. 
. May be it's time for some serious folks to push for Open Banking (which is being lobbied against by the Big 6.)
* I'm not sure about Plaid, but this third-party API has US-based ancillary services too (if not based there)
** I call it a security+privacy-hole ridden hack and a crude workaround. Some braver and more forgiving customers who use it call it a "convenient way to link up external accounts" and such. No judgements. Just personal preferences. 
10:57 am
April 14, 2021
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iotama said
May be it's time for some serious folks to push for Open Banking (which is being lobbied against by the Big 6.)
For this reason alone, I would support open banking; If the Big 6 are opposed, it must be good for me.
10:36 pm
December 4, 2016
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I did have a look at the insurances of credit cards. There are European alternatives that Credit Cards are using for their insurances. Both British and German.
There are alternatives that are not American in the banking sector.
The Rogers Credit Card uses Allianz. A German based Company.
The Simplii Credit Card uses RSA a British based Company.
The Tangerine Credit Card uses Assurant (USA company)
Triangle Credit Cards use American Bankers Insurance Company of Florida
PC Financial uses Assurant.
There are ways of spending or using banking products like a credit card to divert money away from those that use American companies.
One can also use banks or credit unions that focus on Canada like Vancity Credit Union. Vancity invests in the communities and small businesses within Canada. They do not have great rates. But at least they are not investing in America and branches in America Like TD Bank does.
American express Canada is:
American Express in Canada operates as Amex Canada Inc. and Amex Bank of Canada. Both are wholly-owned subsidiaries of the New York based American Express Travel Related Services Company, Inc., the largest operating unit of the American Express Company, which provides a range of financial and travel related services for consumers and companies.
It is not Canadian despite what the name wants you to believe.
source:
I think diverting spending away from AMEX would help.
Mastercard and Visa work with Canadian companies. AMEX also does work with some Canadian companies but not on all of AMEXs product lines.
I think that persons idea about using more cash or cheques was a good idea.
There was another post in this thread talking about boycotting and I think this person has the wrong idea. I think most people just want to support Canada and Canadian companies more right now. I do not think most people would want to boycott American products. Reduce American product usage, that is the key, and help Canada and those countries that are friendly to Canadians.
1:57 am
November 18, 2017
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I never buy anything on line, and I'd never get in an Uber. They're an empire built on breaking the law and sending all taxi profit to San Francisco to feed the tech vampires.
On the other hand, it's damn hard to get businesses to accept cheques. I do use them for rent and to loan or replay money to friends.
BUT - debit cards, the banks tell me, are treated exactly as cheques are.
VanCity is my principal "hub" account; all others are strictly for term deposits and amounts too large for CDIC at a single institution.
RetirEd
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