 elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand
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| Feds to regulate pre-paid credit cards They're moving ahead with regulating this cards, they can no longer have an expiration date and will have to be upfront wrt to fees and conditions.
Good start, now how about going after those 28% credit cards
Ottawa is stepping in with new rules for the largely unregulated prepaid credit card market.
Finance Minister Jim Flaherty announced Wednesday that in the future, issuers of prepaid cards will not be able to impose expiry dates and must be up front about hidden fees and conditions.
In our view, it was inappropriate for financial institutions to have cards go dormant. For example, people would get cards as gifts for their birthdays or whatever, not realize that the $200 on the card would expire over a certain period of time,” Mr. Flaherty said
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No, I didn't. Honest... I ran out of gas. I... I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake....... |
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| Never had one but I am surprised that they even had been allowed to brand a card with an expiry date. They are good changes, though I don't see the Feds going after high interests rates.
Speaking of high interest rates and credit cards, check out this tool: »www.fcac-acfc.gc.ca/iTools-iOuti···eng.aspx
Bottom line, credit card debt is expensive and time consuming to clear, especially if a person only pays the minimum monthly amount. |
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elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand | That's why you see on your cc how long it will take to pay it off if you only pay the minimum. |
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| reply to Thane_Bitter
They'll just do the same fucking thing the government said they'd do with gift certificate cards at stores, where instead of an expiry date, they'll have a monthly fee that eventually puts the balance at nil. |
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| reply to elwoodblues
I had one $100 RBC/Visa gift card on Telus phone purchased. I just paid my Fido Bill right away. I did it quickly as I was afraid of these charges.
But not bad start to push against these unjust charges. |
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| reply to urbanriot
I am sure that Indigo/Chapters hasn't stooped to that level, just cashed in a few cards I had for years and they hadn't been dinged by a fee. |
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peterboroAvatars are for posersPremium
join:2006-11-03
Peterborough, ON | reply to elwoodblues
said by elwoodblues: Good start, now how about going after those 28% credit cards Hows about they don't so people like me can take advantage of rewards and balance transfers subsidized by those high rates. |
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 GuspazGuspazPremium,MVM
join:2001-11-05
Montreal, QC
kudos:20 | reply to elwoodblues
All this stuff is already regulated in Quebec 
No expiry dates allowed, no fees allowed, etc.
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Developer: Tomato/MLPPP, Linux/MLPPP, etc »fixppp.org |
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 J E F FWhatta Ya Think About Dat?Premium
join:2004-04-01
Kitchener, ON
kudos:1
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| reply to Thane_Bitter
The pre-paid Visa/Mastercard are AWESOME! When you buy them, you can set them to an American ZIP code. That means you can buy virtual US based products (like Huluplus and iTunes).
However, I think the Feds should be going after these CC companies charging 18 or 19% interest. I try to pay off every month, but 8 or 9% is more reasonable.
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If you can't explain it simply, you don't understand it well enough. - Albert Einstein |
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elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand | reply to peterboro
Actually your rewards are paid for by merchant fees. |
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 hm
@videotron.ca | reply to Guspaz
said by Guspaz:All this stuff is already regulated in Quebec
No expiry dates allowed, no fees allowed, etc.
Hmm I think this was only on Store cards, not pre-paid credit cards.
You sure? |
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 digitalfuturSees More Than ShownPremium
join:2000-07-15
BurlingtonON
kudos:2 | reply to J E F F
The rate of interest on a credit card falls under provincial jurisdiction, it is currently unregulated. In Ontario, it's the Consumer Protection Act.
»www.e-laws.gov.on.ca/html/statut···htm#BK79
and part 5 at:
»www.isthatlegal.ca/index.php?nam···mer_law#
Federal regulation is limited to the criminal rate of interest as defined in the Criminal Code.
There are lots of 12% and lower interest rate credit cards available. The interest rate charged is a function of the applicant's risk to the creditor, as determined by their credit score.
There's one simple way to avoid paying interest on a credit card, no matter what the rate: pay it off in full monthly, 64% of credit card holders do just that.
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Logic requires one to deal with decisions that one's ego will not permit.
All that is necessary for the triumph of evil is that good men do nothing - Edmund Burke. |
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| reply to hm
said by hm :said by Guspaz:All this stuff is already regulated in Quebec
No expiry dates allowed, no fees allowed, etc.
Hmm I think this was only on Store cards, not pre-paid credit cards. You sure? You're correct. And the "no expiry dates on store cards" is another Flaherty thing, if I remember correctly.
Never looked at the pre-paid credit cards, but watching the news yesterday these things sounded like what gift cards used to be, just worse. |
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peterboroAvatars are for posersPremium
join:2006-11-03
Peterborough, ON | reply to elwoodblues
said by elwoodblues:Actually your rewards are paid for by merchant fees. So you had an opportunity to go over the finances of a CC company to determine interchange fee and interest fee allocation that did you? |
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GuspazGuspazPremium,MVM
join:2001-11-05
Montreal, QC
kudos:20 | reply to elwoodblues
said by Bill 60 :187.1. For the purposes of this division, “prepaid card” means a certificate, card or other medium of exchange that is paid in advance and allows the consumer to acquire goods or services from one or more merchants. That would seem to cover prepaid credit cards to me. Pre-paid credit cards meet that exact definition, and they're not actually "credit" cards since they don't actually provide any credit.
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Developer: Tomato/MLPPP, Linux/MLPPP, etc »fixppp.org |
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elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand | reply to peterboro
Oui |
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| reply to Guspaz
said by Guspaz:said by Bill 60 :187.1. For the purposes of this division, “prepaid card” means a certificate, card or other medium of exchange that is paid in advance and allows the consumer to acquire goods or services from one or more merchants. That would seem to cover prepaid credit cards to me. Pre-paid credit cards meet that exact definition, and they're not actually "credit" cards since they don't actually provide any credit. Yeah, they're really just "credit" cards in the sense that they'll work where a Visa or Mastercard is required. Good for those who either can't get the real thing, or can't control themselves. |
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peterboroAvatars are for posersPremium
join:2006-11-03
Peterborough, ON | reply to elwoodblues
I call BS. |
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 RobIn Deo speramus.Premium
join:2001-08-25
Kendall, FL
kudos:3 | reply to elwoodblues
Anytime someone gives me a pre-paid credit card, the first thing I do is go onto amazon.com and purchase a gift card from amazon with the prepaid card. That "transfers" the funds to Amazon, which never expires.
I'm a prime member, so I am always buying items from amazon.
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 donoreoPremium
join:2002-05-30
North York, ON | reply to elwoodblues
These cards will still need an expiry. You cannot use them with many systems if the CC (which they appear to be) does not have an expiry. |
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