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The company had been offering a 50-cents-on-the-dollar exchange for customers who had gift cards to trade in.
"Money Mart has now voluntarily suspended the gift card exchange pilot program," he said in a statement. "The ministry is looking into this issue further and will examine if there needs to be increased regulation around the reselling of gift cards."
The offer drew criticism from anti-poverty advocates and government officials disheartened by a program they said targets vulnerable people during the holiday season. The Money Mart offer came at a time when more charitable agencies are giving gift cards to clients to purchase gifts and groceries
The rate for the exchange prompted comparisons to the Grinch at Queen's Park by NDP government and consumer services critic Jagmeet Singh.
"I think everyone in this house agrees that this type of scheme that takes advantage of people that are already so vulnerable, particularly at this giving time of year, is not acceptable," Singh said Thursday.
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Money Mart is a payday loans company. They got dragged by the media and everyone else here for offering to buy gift cards from customers at half of the face value. It seems greedy, but at the same time a lot of people sell their gift cards for less on Kijiji etc. anyway and this way is quicker. And it's not like anyone is forced to use their service; it should be up to the consumer imo.
What do you think? Should this be allowed?