Credit cards: Your rights and responsibilities

When you apply for a credit card, you are entering into a contract. Like any contract, it is legally binding and gives each party certain rights and responsibilities.

Your right to information

There are rules that federally regulated financial institutions (FRFI) have to follow to make it easier for you to understand the terms of your credit card contract.

Credit card payment terms

Cancelling your credit card

To cancel a credit card account, you must contact your credit card issuer. Simply cutting up the card or not using it will not automatically cancel the credit card account. For more information, see the FAQ.

How do I cancel a credit card account?

Unsolicited credit card cheques

Credit card cheques, sometimes called “convenience cheques,” are charged directly to your credit card account and you begin paying interest immediately.

Federally regulated financial institutions must get your express consent before providing you with credit card cheques. If you consent orally, they must send you written confirmation of your consent, either on paper or electronically, so that you receive it no later than the date of the first credit card statement provided after you consented.

Simply using the credit card or any other service related to the credit card account does not count as your express consent to receive unsolicited credit card cheques.  For more information on credit card cheques, see the FAQ “How are credit card cheques (sometimes called ‘convenience cheques’) different from personal cheques?”

Joint or shared cards

Before you co-sign for a credit card with another person, it's important for you to understand your liability (what you will be responsible for).

If you borrow money or take out a credit card jointly with another person, federally regulated financial institutions are required to provide you with joint borrower disclosure.

What you should do if you feel your rights are not being respected

If you feel that a federally regulated financial institution is not respecting your rights, contact FCAC.