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Guspaz
Guspaz
Premium,MVM
join:2001-11-05
Montreal, QC
kudos:23
reply to elwoodblues

Re: Feds to regulate pre-paid credit cards

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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MichelR

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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.