Consumer alert: Know your rights if you were signed up for a credit card without your knowledge

From: Financial Consumer Agency of Canada

Have you ever been approached by a salesperson in a store offering to sign you up for reward points or to provide you with a gift? FCAC has received and is investigating complaints about banks that solicit or promote credit card applications and sign up customers without their express consent. 

In light of these complaints, the Financial Consumer Agency of Canada would like to remind you of the importance of knowing your financial rights and responsibilities.

Banks must obtain your consent before issuing you a credit card. If you provide consent orally, the bank must provide you with confirmation in writing of your consent without delay. When banks do this, they must provide you with information, such as the interest rate and the other fees associated with the card that is clear, simple and not misleading. This information must be clearly displayed in an information box. This information box can help you tell if a document that you’re about to sign is an application for a credit card.

You should always take the time to read and understand any documents before you sign them. Ask questions if any part of the document is unclear, or if you’re not sure what you’re signing. Don’t feel pressured to sign a document that you don’t understand.

Also remember that applying for a credit card can have an impact on your credit score. The application will show up on your credit report, and may lower your overall score. 

If you have ended up with a credit card you didn’t consent to or been subjected to misleading credit card marketing practices, tell us about it at the Financial Consumer Agency of Canada.

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