Credit Cards
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Having one or more credit card is a fact of life for most adult Canadians. Credit cards can be useful for purchasing, however they should be used wisely. You should know the terms of the credit cards you are using. Consumer advocates[1] recommend you set the goal to pay off your balance in full by the due date every month. Interest rates on credit debt are among the highest rates in Canada.
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Right of Offset and Credit Card at a Separate Bank from Savings
Most banks have wording similar to this in their Terms: "We can apply a positive (credit) balance in any of your accounts with us, The Toronto-Dominion Bank and its affiliates (excluding registered accounts) against any debt or liability you owe to any of us,The Toronto-Dominion Bank or any of its affiliates, however arising. We can set off any positive balance against any such debt or liability in any manner and at any time we consider necessary (unless we have specifically agreed not to do so) and we are not required to first give you any notice. "[2]
Keep your credit card at a separate bank from your savings. If you have a dispute with your credit card company they will not have the option of just taking your savings money without notice.
Frequently Asked Questions[3]
- Does my financial institution have the right to withdraw funds from my bank account to pay my overdue credit card bill?
- Can something be charged to my credit card after I have cancelled it?
- How can I protect myself against unauthorized transactions being made with my credit card?
- I received blank cheques in the mail from my credit card issuer for me to use. What can I do to protect myself from fraud?
- How can I stop a credit card issuer from sending me a credit card application by mail?
- What happens if I make a late credit card payment?
- How can I make sure my credit card payment isn't late?
- Do I have to purchase credit card insurance from my credit card issuer?
- If my credit or debit card is lost or stolen, am I liable for any unauthorized transactions that appear on my statement after that?
- What interest rate will apply on my credit card?
- Why does a financial institution always ask for so much personal information before it makes a decision about granting a loan or a mortgage, or issuing a credit card, or increasing the limit on a card?
- How is the interest on my credit card calculated?
- What is a "balance transfer"?
- Do credit card issuers have to disclose what their grace period is?
- My credit card issuer has offered me a "payment holiday". If I take advantage of this offer, will I have to pay interest?
See also
Over the years on Financial Webring Forum there have been a significant number of discussions about various aspects of credit cards. You might find it helpful to review some of these topics.
- Financial Webring Forum • Best Credit Card
- Financial Webring Forum • Prepaid Credit Cards?
- Financial Webring Forum • No Fee $US Visa Cards
- Financial Webring Forum • Got a US issued credit card?
- Financial Webring Forum • New Credit Card
- Financial Webring Forum • Credit Card Cheques
- Financial Webring Forum • USD credit card
- Financial Webring Forum • Credit Card Registry Service
- Financial Webring Forum • Bank and Credit Card Fraud
External links
- 10 tips for wise credit card use - Canada - CBC News
- Canadian Credit Cards and Credit Card Info
- Credit Card Review Canada
- Canadian Credit Cards
- Canadian Credit Card Comparison
- CreditCardSearch.ca
- CanRates
- Low Interest Credit Cards
- Reward Credit Cards
References
- ↑ 10 tips for wise credit card use - Canada - CBC News, viewed February 15, 2012.
- ↑ Service Agreement TD
- ↑ Financial Consumer Agency of Canada, Frequently asked questions related to credit cards, Viewed May 25,2009
