Financial Consumer Agency of Canada

www.fcac-acfc.gc.ca

Common menu bar

• Français
• Home
• Contact Us
• Help
• Search
• canada.gc.ca

Breadcrumb

1. Home
2. > For Consumers
3. > Your Rights and Responsibilities
4. > Credit Cards

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 have to follow to make it easier for you to understand the terms of your credit card contract.

• When you apply for a credit card
• When you get your credit card
• With your monthly credit card statement
• When your credit agreement changes
• With credit balance insurance

Credit card payment terms

• Interest-free grace period
• Minimum monthly payments
• How payments are applied to your balance
• What happens when you make a late payment

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?

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.

Related Resources

Date Modified:

2012-08-30