New Canadian credit card regulations.

**MomToTwoBoys** · 05-22-2009, 10:21 AM

http://www.ctv.ca/servlet/ArticleNew...0521/20090521/

Some of the new regulations announced by Finance Minister Jim Flaherty include:

Credit card companies will have to print "all salient information" in a summary box on monthly statements, clearly showing the annual interest rates for purchases and cash advances and increases to customers' interest rates.

Credit card companies will now have to provide a three-week grace period for interest on credit card purchases.

Consumers will also get advance notice when low, introductory interest rates are about to expire, or when a penalty rate will be imposed due to late balance payments.

Credit card companies will require the "express consent" of consumers in order to raise their credit limits.

The article has quite a bit more information tied to it, so check out the link if you want to read more.

**mommy4ever** · 05-22-2009, 10:28 AM

That is all good news! I was wondering why I received paper statements when I usually get mine online. To ensure I get the new info. Balance is still $0..lol

**MomToTwoBoys** · 05-22-2009, 10:31 AM

Yeah I got a letter from BMO Mastercard letting me know that starting in June, my grace period for balances payments was increasing by about a week.

I actually love it when I get things in the mail that tell me what's going on with my account. When they raised it from $2,000 to $5,500 they never notified me. This will definitely be good.