dslreports logo
site
 
    All Forums Hot Topics Gallery
spc

spacer




how-to block ads


Search Topic:
uniqs
9
share rss forum feed


Thane_Bitter
Inquire within
Premium
join:2005-01-20
Reviews:
·Bell Sympatico
reply to elwoodblues

Re: Feds to regulate pre-paid credit cards

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.


elwoodblues
Elwood Blues
Premium
join:2006-08-30
Somewhere in
kudos:2
That's why you see on your cc how long it will take to pay it off if you only pay the minimum.


urbanriot
Premium
join:2004-10-18
Canada
kudos:3
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.


Thane_Bitter
Inquire within
Premium
join:2005-01-20
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.


J E F F
Whatta Ya Think About Dat?
Premium
join:2004-04-01
Kitchener, ON
kudos:1
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.
--
If you can't explain it simply, you don't understand it well enough. - Albert Einstein


digitalfutur
Sees More Than Shown
Premium
join:2000-07-15
BurlingtonON
kudos:2
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.
--
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.