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Banks can now offer multiple credit card brands

Posted by TrailBlazer at Wednesday, November 19, 2008

HOT CREDIT CARD NEWSHOT NEWS - Nov.18, 2008

Banks can now offer multiple credit card brandsCanada's competition watchdog says banks can now issue more than one brand of credit card, a move it says will increase choice for consumers.

But Canada's retailers say they fear it will mean even higher costs for them to handle the cards.

Previously, banks were allowed to issue only one brand of card. In practise, most major Canadian banks chose to issue Visa cards, while a smaller number offer MasterCard.

"By allowing banks to issue multiple credit cards, consumers will benefit from increased choice and better service," the federal Competition Bureau said in a letter posted on its Web site last night.

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