New Canadian Prepaid Credit Card Rules

Federal Government Tightens Prepaid Credit Card Rules

First Published Date: February 7, 2017

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.