L I N K The banks stand to lose a few hundred million dollars per year in profits from the new Credit card rules being implemented, most as of January 1. Many say the new laws aren’t stringent enough, but this is a good start.
“The regulations had been in the works for some time and Finance Minister Jim Flaherty said on Wednesday that the majority of them will come into force on Jan. 1. A few of them, such as a new mandatory minimum 21-day grace period, will take effect Sept. 1, 2010. (A grace period is the time between the statement date and the date that payment is due. Until now, banks and other credit card issuers set their own grace periods, generally ranging from 15 to 26 days.)”
It should be interesting to see how this roles out and if the Canadian public demands further regulation on Credit card practices. What do you think Cornwall?
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