OTTAWA, May 1st, 2008 – Today the Financial Consumer Agency of Canada (FCAC) launched a new Internet resource entitled Service Fees on Credit Card Transactions to help Canadians better understand how these fees work.
"Depending on how they use their credit cards, consumers may see their service fees adding up very quickly," said FCAC Commissioner Ursula Menke. "But if they take the time to review how they use their credit card and to compare offers, consumers should easily find a card that charges reasonable fees for the services they use most often."
FCAC's new Internet resource describes the fees associated with different credit card transactions, including cash advance fees, over-the-limit fees, inactive credit balance fees, and fees for foreign currency conversion.
"Credit card fees can vary from one card issuer to another," said Commissioner Menke. "That is why it is important for consumers to understand how these fees work, so they can shop around and find the card that matches their needs and saves them money."
This on-line resource on credit card service fees also contains a table that enables consumers to compare the costs of a variety of credit cards offered by Canadian financial institutions.
Service Fees on Credit Card Transactions is the latest addition to FCAC's line of easy-to-use consumer information products. It is now an integral component of FCAC's Credit Cards and You on-line tool kit, which offers the latest data on over 200 credit cards available in Canada. To find a credit card that best meets their needs, consumers can consult Credit Cards and You on the Agency's Web site at www.fcac.gc.ca or through its Web portal at moneytools.ca.
FCAC ensures compliance with the consumer protection laws, and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies. FCAC also provides consumers with accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions.
