The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
The Financial Consumer Agency of Canada (FCAC) has released an updated version of its popular publication Credit Cards and You. The Commissioner of the Agency, Bill Knight, explains how the guide helps consumers save money. For most consumers, especially after holiday spending, paying their balance in full isn't always an option. For those consumers, Knight recommends paying what you can, as soon as possible. "Even if you don't have the money to pay your whole balance in January, pay what you can, and pay it early. That will reduce your daily balance sooner, so the interest charged on your next month's statement will be based on a smaller outstanding balance," said Knight. Credit Cards and You compares the interest rates, fees, rewards and coverage of more than 200 credit cards in Canada. The guide also has tips on how to save money, how to protect yourself from credit card fraud, and how to get the most from your credit card. Some additional tips for saving money: - If you can't pay off your entire balance every month, consider switching your balance to a low-rate credit card or a line of credit. These products usually carry a lower interest rate. - Allow enough time for your payment to reach your credit card company. If you don't, you may end up making a late payment that could mean paying more interest. It could also negatively affect your credit history. - Take cash advances only when absolutely necessary. - Check your statement and report immediately any discrepancies to your credit card company. This will be especially important for your January statement, since credit card fraud often occurs during the holiday season. To access Credit Cards and You, visit the "Publications" section of FCAC's Web site at: www.fcac.gc.ca
