Allows consumers to compare credit cards quickly and easily
on-line
OTTAWA, November 16, 2005 -- The Financial Consumer Agency
of Canada (FCAC) today launched, on its Web site, an easy-to-use, interactive
consumer-information
tool that will help Canadians find the credit card that best matches their
preferences
and needs.
The new Web tool, unique in Canada, allows consumers to zero in quickly on a
selection of credit cards, which they can then compare in detail.
"Most of us wonder at some point if we are really using the credit card
that best fits our individual needs," said FCAC Commissioner Bill
Knight. "That
question has been very difficult for consumers to answer, until today. With our
interactive credit card tool, you can have the answer in a few clicks of a
mouse."
The interactive Web interface puts a powerful consumer-information tool on the
desktop of every Canadian with Internet access. The application draws on
FCAC's
database of the features of more than 200 credit cards offered in Canada by 25
major credit card issuers. While there are more than 600 institutions that issue
credit cards in Canada, including banks, credit unions and caisses populaires,
FCAC's on-line tool focuses on the most common credit card products from
the major credit card issuers, in order to maximize its usefulness for the average
consumer.
FCAC's new on-line interactive tool makes it easier for Canadians to sort
through marketplace information on credit cards -- one of the most widely
used financial products in Canada. The Credit Card Interactive tool
initially
asks users a few simple questions about their needs and about the credit card
features
that matter most to them. Users click on the appropriate answers, and the Web tool
uses that information to quickly narrow their search. In just a few steps,
consumers
can retrieve a list of credit cards that fit the needs they have identified. From
this list, they can then select several cards for a detailed comparison of
features.
"Based on the calls we get from the public, we know that many consumers
find the array of available credit card features bewildering," said
Knight. "FCAC
has a mandate to foster consumer understanding of financial services such as
credit
cards, and our new on-line tool allows consumers to cut straight to the facts that
matter most to them."
The interactive credit card interface is the newest addition to a growing family
of financial consumer information products available to Canadians from FCAC. All
of the information that is accessible through the Agency's new on-line tool
is also available in the form of comparison tables. These are part of a
comprehensive
credit card information kit, called Credit Cards and You, that consumers
can download from FCAC's Web site or order, at no charge, by calling the
Agency toll-free at 1-866-461-3222.
FCAC ensures compliance with the consumer protection laws that apply to banks
and federally incorporated trust, loan and insurance companies. FCAC also provides
consumers with accurate and objective information about financial products and
services, and informs Canadians of their rights and responsibilities when
dealing with financial institutions.
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Media contacts:
John Kane
Communications Officer
(613) 941-8988
kane.john@fcac.gc.ca
Martine Bélanger
Media Relations Officer
(613) 941-8982
belanger.martine@fcac.gc.ca
