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The Financial Consumer Agency of Canada (FCAC) has some great information on their website which also includes your rights and responsibilities when applying for a credit card. We thought it would be helpful to summarize those rights below and make Canadians aware of what they type of information should be provided when they apply for a credit card. Canadian credit card companies must provide certain information when you apply for a card and also when you receive the agreement or contract in the mail after your application has gone through. They advise to read this carefully and keep it for your records.

In addition, the contract must clearly state the maximum amount that you would be liable for and have to pay in the unfortunate instance if somebody rips off your card and uses it for buying a trip to the Bahamas or the latest iPod and this shouldn’t exceed $50. This maximum amount only applies if you tell the issuer that the card has been lost or stolen – and don’t wait 4 months to do it. As soon as you report this you aren’t responsible for any subsequent misuse of the card and they should get you a new one. That’s why they always say it’s important to report a lost or stolen card, it really is in your best interest.
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