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New Credit Card Rules Introduced

Federal Finance Minister Jim Flaherty announced new credit card regulations Thursday.

The changes will require financial institutions to provide better disclosure about interest rates.

The government wants credit card companies to provide timely advance notice of changes to rates and fees.

However, the finance minister has ruled out tougher measures such as placing a hard ceiling on interest rates.

It comes a day after the U.S. Congress wrapped up legislation restricting when and how a credit card company can raise an individual’s interest rate, who can receive a card and how much time people are given to pay their bills.

U.S. President Barack Obama is expected to sign it into law on Friday.

Source: CBC

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