CreditFBi

Just a day after the United States proposed its new regulations to the credit card industry, Canada proposed its  rules to protect credit card holders.  Under the new regulations:

• Interest-free grace period of 21 days for balances paid in full, up from the old 15-24 days and credit card companies would no longer be able to charge interest during that grace period when balances are paid in full for that month.
• Credit card companies would also have to issue monthly statements to indicate how long it will take to pay off a balance if only minimum payments are made.
• Simplified credit card contracts and application summaries indicating grace periods, interest rates, and all other fees.
• Credit card companies will be prohibited from contacting customers or their families outside of specified hours on weekdays and weekends.
• Credit card companies will need to get card holder’s consent  prior to credit limit increases.

The credit card rules doesn’t include interest rate caps.  However credit card companies are required to notify card holders in advance for any interest rate hikes.