 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
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.
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If you can't explain it simply, you don't understand it well enough. - Albert Einstein |
 digitalfuturSees More Than ShownPremium
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.
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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. |
