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17/08/2010 -
Earlier this week, new credit card regulations went into effect for Canadian merchants and companies. However, consumers who frequently pay at credit-debit machines will see changes, too - especially when they receive their monthly bill.Credit card companies have until September 1 to begin implementing reporting practices that require them to clearly state the exact cost of only making the minimum payment. In addition, issuers will need to clarify how long it will take consumers making the minimum payment to clear their debts.
Some issuers, such as Macy's, already do this, and the math can be quite daunting. For example, a customer with a bill of $375.65 who makes the minimum monthly payment of $13 will not clear the debt for 10 years, at which time the consumer will have paid $821 due to interest charges. Comparatively, adding $2 per month would take only 3 years to pay off and save the customer $287, the Toronto Star reports.
Additionally, the new regulations - which were first introduced in May 2009 - grant consumers a 21-day grace period to pay off new charges and require issuers to alert customers of any upcoming changes in interest rates.
The Financial Consumer Agency of Canada, which will monitor the new rules, also offers tools and tips for credit card users such as a credit card payment calculator. Consumers can use the calculator to compare three different payment options - the minimum monthly, the minimum monthly plus additional and a fixed amount.
