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Canadian banks’ high credit-card rates unjustified, Mulcair says

NDP Leader Tom Mulcair speaks to members of caucus at a strategy meeting in Ottawa on Jan. 17, 2014.

ADRIAN WYLD/THE CANADIAN PRESS

The leader of the federal NDP says banks are not doing Canadians any favours.

Thomas Mulcair was in Winnipeg on Wednesday as part of the party's affordability tour.

He said considering the $30-billion profit banks made last year, there's no justification for current credit-card interest rates.

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Mulcair says it's not fair for the banks to charge as much as 24 per cent on credit cards.

He says given the Bank of Canada rate is at 1 per cent, the NDP believes that 5 per cent above prime would be a fair rate for a no-frills credit card.

Mulcair also complained about rising banking-machine fees, saying it makes no sense to pay up to $7 to access your own money.

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