A financial institution may make certain changes to your contract. They must then follow the rules provided for by law.

Membership, renewal or replacement fees

The financial institution may decide to increase the membership, renewal or lost or stolen card replacement fees. To do so, the institution must send you a notice at least 30 days before the increase comes into effect.

Credit rate

If the financial institution wants to increase the credit rate, they must send you a notice to that effect at least 30 days before the increase comes into effect.

However, in the case of a contact with a variable credit rate, the financial institution is not required to send you a notice.

Credit limit

Once your credit limit has been established, the financial institution may not increase it, unless you have clearly asked them to do so, either verbally or in writing. The increase may not exceed the credit limit you asked for. For example, the institution could not grant you a credit limit of $12,000 if you asked them to increase it to $10,000.

Should you exceed your credit limit, this cannot be considered a request on your part to have your limit increased. If your contract provides for penalty fees in such a case, you could contest them.

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.