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.
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.
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.
Last update : July 4, 2022
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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.
You can reach one of our customer service officers by telephone or in writing using our information request form.