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J E F F
Whatta Ya Think About Dat?
Premium
join:2004-04-01
Kitchener, ON
kudos:1
Reviews:
·Rogers Portable ..
reply to Thane_Bitter

Re: Feds to regulate pre-paid credit cards

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.