Your Rights and Responsibilities: Credit cards

Statements and changes to your credit card agreement

You are entitled to receive regular credit card statements. If your credit card agreement changes, you must be notified in a timely manner.

When you receive your statement

Each statement must provide the following information:

• a description of each transaction made during the period covered by the statement, and the amount charged, including interest;
  
  
• the date each transaction was posted to your account;
  
  
• the amount you must pay, on or before a specified due date, to benefit from the grace period; and
  
  
• the amount charged during that month for each of the following:
  
  
  • purchases made;
    
    
  • advances received;
    
    
  • payments made;
    
    
  • interest charges;
    
    
  • non-interest charges.

When there is a change to your credit card agreement

If your credit card issuer changes any features, terms or conditions of your credit card, it must give you the details of these changes in writing, at least 30 days before the changes go into effect.

There are some changes to the terms and conditions of your credit card that don't require advance notice. They must, however be disclosed to you 30 days after the take effect. Such changes are:

• an extension of your grace period¹;
  
  
• a decrease in a charge that is not related to the interest rate;
  
  
• a decrease in the interest rate;
  
  
• a decrease in your credit limit;
  
  
• a change to any optional service you accepted; and,
  
  
• if you have a variable-interest-rate card, the change to your interest rate as a result of a change in the reference rate².

Exception: An increase in your credit limit

Your credit card issuer must obtain your permission before raising your credit limit. If the consent is provided verbally, your credit card issuer must confirm the change in writing no later than your next credit card statement.