Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

September 16, 2009 09:36 ET

The FCAC Updates Interactive Tool to Help Consumers Shop Around for a Credit Card

Credit Cards and You lists and compares over 250 credit cards

OTTAWA, ONTARIO--(Marketwire - Sept. 16, 2009) - The Financial Consumer Agency of Canada (FCAC) has updated its well-liked Credit Cards and You guide and reminds consumers that, when it comes to finding the right credit card, knowing what questions to ask will help them stay in control of their finances.

"It is true that credit cards come in many 'flavours'. Finding the right one can be a confusing experience," says FCAC Commissioner Ursula Menke. "With its up-to-date database that lists more than 250 cards from 26 issuers, FCAC's Credit Cards and You tool allows consumers to narrow the range of choices according to their needs, and find a credit card that fits their financial situation."

FCAC updates the Credit Cards and You interactive tool twice a year, summarizing the costs, benefits and rewards of most credit cards now on the market in Canada. Available on FCAC's website, the resource helps consumers answer the questions they may have about credit cards. With a few easy clicks, users answer six simple questions about their needs and the credit card features that matter most to them. Then, the Web tool uses that information to quickly narrow their search. In just a few steps, consumers can find a list of credit cards that fit the needs they have identified, which makes it much easier to do a detailed comparison and make a final selection.

Before choosing your credit card

The Agency suggests that consumers ensure they understand all the terms and conditions of their credit card before making a final choice and signing a contract. "A credit card agreement is a legal contract, and people who sign one will have to live with what they've agreed to. That is precisely why consumers should never hesitate to ask questions about anything that isn't completely clear to them," adds the Commissioner.

In short, FCAC's main advice when it comes to choosing the right credit card includes:

- know your needs and wants

- shop around

- pick the card that suits you best

- understand the terms and conditions.


About FCAC

FCAC fosters greater understanding of financial services in Canada through its consumer education materials and interactive tools. It provides accurate, objective information about financial products and services, and informs Canadians about their rights and responsibilities when dealing with federally regulated financial institutions. In addition, through its financial literacy programs, FCAC helps Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC also ensures compliance with consumer protection laws, and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies.

You can reach us by phone through our toll-free Consumer Contact Centre at 1-866-461-3222 (our TTY number is 613-947-7771 or, toll-free, 1-866-914-6097), or by visiting our Web site at www.fcac-acfc.gc.ca.

FOR BROADCAST USE

The Financial Consumer Agency of Canada (FCAC) has updated its Credit Cards and You guide, allowing consumers to find the right credit card for them by narrowing their choices according to their financial needs. The FCAC would also like to remind consumers that, when it comes to choosing a credit card, knowing what questions to ask will help them stay in control of their finances. Credit Cards and You covers more than 250 credit cards available in Canada. The guide is available on the FCAC Web site at www.moneytools.ca.

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