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Frequently Asked Questions


What is an Annual Fee?
This is a flat fee charged annually by the Credit Card issuer for use of the Credit Card.

What is an Annual Percentage Rate (APR)?
The Annual Percentage Rate (APR) is the interest rate charged on credit card balances expressed in a standardized, annualized way. This rate is applied each month that an outstanding balance is present.

I have a low credit score. Can I still obtain a Credit Card?Yes, applicants with damaged credit can still obtain a credit card. Look for credit cards for people with bad credit.

What is a secured Credit Card?
Secured credit cards are great for establishing or rebuilding your credit history. Unlike prepaid cards, secured credit cards give you a credit line, and your payment activity may be reported to the major credit bureaus. Funds you deposit at the bank are used as collateral for the credit card. Use the card like any other credit card and make your payments on time to build a positive credit history.

What is a grace period?
This is the amount of time given by the creditor for the card holder to pay the outstanding balance before interest charges take effect is called "grace period". Grace periods vary depending on the credit card issuer.

Who is eligible to apply for a Credit Card in Canada?Generally, to apply for a credit card in Canada, card issuers require that the applicant be a permanent Canadian resident, and is of the age of majority or over in their province of residence.

What is a balance transfer?
People who already have a Credit Card may transfer their existing balances onto a new card. Card issuers offer attractive balance transfer rates on some cards for eligible customers.

What Is a Credit Report?
Your credit report contains information regarding your financial history. Credit Reports are compiled by credit bureaus. A credit bureau keeps monthly records of your current and past-due payments, credit limits, and debt level. Public record information it collects includes bankruptcies, judgments, and registered items. It gets information from companies that have granted you credit and public record information from courthouses throughout Canada. Card issuers use credit reports to assess the credit standing of an applicant.

Can I obtain a copy of my Credit Report?
Yes, contact a credit bureau for information on how to obtain a copy of your Credit Report.

For more information, have a look at the glossary.