The Financial Consumer Agency of Canada recently published the summer issue of Credit Cards and You. The publication is designed to help consumers better understand credit cards.
In addition to comparison tables showing the interest rates and key features for credit cards issued by 24 Canadian financial institutions, this issue explains:
- how interest charges on credit cards are calculated;
- how consumers can benefit from interest-free periods;
- the potential risks and possible rewards of low introductory interest rates;
- the user fees charged by credit card companies for various services they offer; and
- how credit balance insurance works.
“The FCAC publishes Credit Cards and You to help consumers choose the best card for their circumstances,” said FCAC Commissioner Bill Knight in a news release.
The publication covers four major types of credit cards in Canada: Standard, Low-Rate, Retail and Charge Cards. It does not include Gold, Platinum, co-branded or affinity credit cards. The credit card information in the Summer issue was in effect on June 1, 2002. It was provided to the FCAC voluntarily by the largest credit card issuers in Canada.