Credit Cards Monitored By Strong Canadian Government Regulations
- Introduction to Credit Cards
- Credit Card Interest Rates Charges
- Credit Card Positive Benefits
- Credit Card Negative Results
- Credit Cards In Canada
- How to Select a Credit Card
- How to Select a Gold Credit Card
- How to Select a Platinum Credit Card
Credit Cards In Canada
The Government of Canada maintains a database of the fees, features, interest rates and reward programs of nearly 200 credit cards available in Canada. This database is updated on a quarterly basis with information supplied by the credit card issuing companies. Information in the database is published every quarter on the website of the Financial Consumer Agency of Canada (FCAC).
Credit Card Information in the Database is Published
Information in the database is published in two formats. It is available in PDF comparison tables that break down the information according to type of credit card, allowing the reader to compare the features of, for example, all the student credit cards in the database.
Credit Card Interactive Tools
The database also feeds into an interactive tool on the FCAC website. The interactive tool uses several interview-type questions to build a profile of the user's credit card usage habits and needs, eliminating unsuitable choices based on the profile, so that the user is presented with a small number of credit cards and the ability to carry out detailed comparisons of features, reward programs, interest rates, etc.
The Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada (FCAC) is an independent government agency of the Government of Canada.
Created in 2001, the agency works to protect and inform consumers in the area of financial services. FCAC provides consumer information and oversees financial institutions to ensure that they comply with federal consumer protection measures. FCAC is headed by a Commissioner, appointed for a five-year term. The first commissioner (2001-2006) was William G. Knight, a former credit union executive and New Democratic Party Member of Parliament from Saskatchewan.
Under its enforcement mandate, the agency investigates cases of non-compliance with consumer protection measures as set out in Canadian legislation. FCAC identifies potential cases using consumer complaints handled through its toll-free contact line, as well as through the inquiries and investigations of its officers. The agency's commissioner can impose a variety of penalties on institutions found to be in violation of consumer measures, including monetary penalties and public naming of the institution.
FCAC's commissioner reports to Parliament annually with his assessment of federally regulated institutions' compliance with legislation.
Under its consumer education mandate, FCAC publishes a number of guides on financial consumer issues available through its website, along with interactive tools that help consumers find credit cards and banking packages that suit their needs.
