CREDIT CARDS: UNDERSTANDING YOUR RIGHTS AND RESPONSIBILITIES

  • When you apply for a credit card
When you apply for a credit card, you are entitled to certain information. At the beginning of the application form or any related document that you receive at the same time, there must be an information box that clearly summarizes the essential information, such as interest rates and the types of costs that apply to the card.
When you apply for a credit card, you agree to accept all the conditions attached to it, including interest rates and fees. Read the entire application form before submitting it.
  • When you get your credit card
When you receive your credit card, it must be accompanied by a contract, also called credit card agreement. You should read this document carefully to understand your responsibilities and conditions of the card. Keep the agreement for your records. If there is something you do not understand in this agreement, please contact the issuer of your credit card.
As is the case for application forms credit card, there must be an information box at the beginning of the credit card agreement or a related document that you receive at the same time, clearly indicating the essential information.
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  • On your monthly credit card
After you have submitted your credit card issuer must send you a monthly statement. The statement may be, or mail if you agree to receive required documents in electronic format rather than on paper written format. Regardless of the format, the following information must be included:
  1. Your outstanding balance (which you must pay in full by the due date to qualify for the interest free period or grace period for new purchases);
  2. An assessment of the time it would take to pay off your balance in full each month if you paid only the minimum required;
  3. A description of each transaction during the period covered by the statement, and the amount charged, including interest charges;
  4. The date each transaction is posted to your account;
  5. The amount credited or charged during the month for each of the following:
  6. purchases;
  7. cash advances received;
  8. payments;
  9. interest charged;
  10. Charges other than interest charges.