Federal Government Tightens Prepaid Credit Card Rules
The Canadian government unveils new prepaid credit card regulations to protect consumers today. Here are some changes that will take place starting May 1, 2014.
– There will not be any more expiration dates on prepaid cards.
– There will not be any maintenance or dormancy fess for at least one year once you activate the card.
– The outside packaging or box will clearly show fees user friendly way.
– Information such as how long you can use it, terms and conditions, a toll-free number, etc must be clearly displayed.
While prepaid credit cards are relatively new, you can find them in grocery stores and supermarkets, and they are becoming very popular.