New Rules for Prepaid Credit Cards

The Government of Canada announced earlier this week, that changes are coming to prepaid credit cards in Canada, part of a new ‘consumer-friendly agenda’.

“A consumer code will help Canadians make more informed financial decisions today and in Canada’s rapidly changing, increasingly digital financial marketplace in the future,” said Maxime Bernier, minister for small business

The new regulations to prepaid credit cards will ban expiry dates, and ensure card issuers are not allowed to impose fees on the cards. The new changes will come into effect in May 2014.

More on the financial changes coming next year, can be found in this article from Global Calgary.

Tags: , , , , ,

Comments are closed.

Dominion Lending Centres Westcor 114 1212 1st ST. SE, Calgary, Alberta. Phone: 403-228-7800. .