You must be provided with certain information so that you can make an enlightened decision when you fill out a credit card application form.

Information text box

A text box must appear at the top of a credit card application form or be given to you in a separate document, either before or at the same time as the form. Depending on the contract, the text box must be one of the following:

• Information text box – Credit Card Application Form; or
• Information text box – Variable Rate Credit Card Application Form.

Mandatory information

A credit card application form or the accompanying documents must contain or state the following:

• the credit rate or, if it is a variable rate, the initial credit rate, the index to which the credit rate is linked and the relationship between the index and the credit rate;
• the grace period you are given to reimburse your balance without having to pay credit charges. This grace period does not apply to cash advances;
• the nature of the credit charges and how they are determined; and
• the date as of which the above information is current.

Distance applications

What if you are submitting a distance credit card application (e.g. online or by telephone)? The merchant must provide you with all of this information before accepting your application.

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