Dec 05, 2014

By Michael Kramer

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Money Mart is suspending its controversial program – offering cash for gift cards at half of their face value – after a call from Ontario’s Consumer Services Ministry.

The government says the payday loan company “voluntarily suspended” the exchange program, which Money Mart defended earlier today as a “convenient” service for its customers.

Now Consumer Services Minister David Orazietti says he wants to see if there needs to be increased regulation around the re-selling of gift cards – something the opposition called loudly for on Thursday – when they demanded the practice be stopped.

New Democrats called Money Mart a Grinch for launching the cash-for-gift-cards scheme during the pre-Christmas period, when many charities give their clients the cards.

Money Mart has branches across the country and described the service as “value added” in an earlier release today – which NDP consumer critic Jagmeet Singh said showed “how horribly misguided” the company really is.

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