What Does the Code Mean For Consumers?
Although the Code of Conduct
for the Credit and Debit Card Industry focuses on the
responsibilities of payment card networks towards merchants, some of its
provisions may affect how consumers use credit and debit cards.
- Credit and debit card functions cannot be provided on the same card.
Consumers who choose to use credit and debit for payment will continue to have a
separate card for each one.
- Consumers will not receive a premium credit or debit card unless they
apply for one or consent to receive one. In addition, credit card issuers must
issue the premium cards only to consumers who meet well defined income or
- Merchants may choose to offer consumers discounts if they use a lower-cost
form of payment. Consumers should see discounts posted at locations of merchants
who decide to offer them.
Note: There is also a separate Code of
Practice for Consumer Debit Card Services, which focuses on
consumers' rights and responsibilities in relation to debit cards. FCAC monitors financial
institutions' compliance with that Code of Practice. In addition, FCAC oversees credit card
companies' public commitment to zero