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T he freedom to choose how we purchase goods and services took a bit of a hit with the July ruling from the Competition Tribunal that sided with MasterCard and Visa. The implication to consumers is we can be forced to pay more for what we purchase. Credit card companies charge merchants every time a purchase is paid with a credit card. At issue were credit cards restricting the merchants' exibility to have separate pricing on what they sold based on the amount charged by credit card rms. The total charges in Canada each year are between $5 billion and $7 billion because we pay some of the highest fees in the world. Charges from the credit card companies can range from 1.5 to three per cent of the value of your purchase. Premium cards offering rewards to the credit card holder such as free travel, are the reason for the difference in charges. To pay for these, the credit card company charges the retailer who passes that cost on to the consumer. The Competition Bureau complained and unfortunately it lost. The issue, something that makes perfect sense, is why should all When credit cards win, ultimately the consumer loses consumers be charged for bene ts they choose not to collect? In a competitive marketplace, the consumer must have the ability to decide on what to buy and, therefore, what they pay. This fundamental right was not considered in the ruling. Consider two purchasers buying the same product. One completes the sale using a premium credit card that costs the retailer a three per cent service fee from the credit card company. The retailer will build that cost into the price so it is ultimately the consumer pays the service fee. The misconception is that miraculously the consumer wins because at some time in the future they will have spent enough money by using their credit card to take a free trip. There is, however, no such thing as a free trip. The cost of that trip is hidden in the extra charges they paid for their purchases. This appears to be good for all; the credit card company, retailer and the consumer. It is not, however, truly transparent consumerism. The problem is that the other see Retail on p.19 17 | Thursday, August 15, 2013 | OAKVILLE BEAVER | www.insideHALTON.com Dollars & Sense Peter Watson Guest Contributor DONT PAY UNTIL 2014!* HUGE INVENTORY BLOW OUT UP TO ON BRAND NEW FURNACES & AIR CONDITIONERS CALL NOW, QUANTITIES ARE LIMITED! 95% HI-EFFICIENCY DC MOTOR GAS FURNACE $ 50 $ 2,100 IN FACTORY IN & GOVERNMENT GOVERNMENT REBATES REBATE % OFF $ Was ONLY FURNITURE CLEARANCE F SALE 650 UP TO UP TO HI-EFFICIENCY AIR CONDITIONERS NOW Was $ Per month 78 NOW ONLY $ BRAND NEW UNITS AVAILABLE ONLY IN 4 SIZES 39 Per month 58 Was $ Per month OAC FURNACE DIAGNOSTIC SERVICE 29 Per month OAC THE FORECAST CALLS FOR $99 ONLY$49 A+ RATING Newport Leasing Limited of Burlington is pleased to announce the addition of David Finocchiaro to our professional staff of Account Managers. David brings with him many years of knowledge and experience in the Leasing business. He would like to invite all past and present clients that require the acquisition of vehicles, heavy trucks or equipment. For professional assistance please contact David at 416-433-9507 or email him at davidf@newportleasing.ca ANNOUNCEMENT D AV I D F I N O C C H I A R O 9 Locations To Serve You Better! *See dealer for details HEATING & COOLING 905-632-0505 905-849-4998 www.aireone.com · 1-888-827-2665 2377 Fairview Street, Burlington 30% to 70% OFF 2269 Fairview St., Burlington, ON Only at: Burlington Started Aug 8th ­ doors open 10:00am y a l e D t ' n Do