Draft of Canadian Credit Card voluntary Code of Conduct

I just received an email from CFIB (Canadian Federation of Independent Businesses) about the release of the draft voluntary code of conduct for credit cards in Canada. Here is the link. http://www.cfib-fcei.ca/english/focus/1 … _card.html

Some of the highlights

  • The need for more transparency and disclosure of information regarding the cost of transactions
  • Proper notice provisions to merchants about contract changes, with the right to exit without penalties
  • The issuance of premium cards only on request
  • The ability for merchants to offer a variety of cash discounts
  • The control will lie with the merchant on how transactions are routed