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