The Credit Card Responsibility Agreement is a crucial document used when establishing a credit card relationship between a financial institution and a cardholder in Canada. It serves as the primary legal framework governing the use of credit cards, incorporating requirements from federal legislation such as the Bank Act and Cost of Borrowing Regulations, as well as provincial consumer protection laws. The agreement details essential information including credit limits, interest rates, fees, payment obligations, security requirements, and liability terms. This document is fundamental for both consumer and business credit cards, ensuring transparency in credit card operations and protecting the interests of all parties involved. It must be provided to cardholders before card activation and remains a binding contract throughout the credit card's active period.
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1. Parties: Identifies the credit card issuer and the cardholder(s), including full legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the credit card facility being offered
3. Definitions: Defines key terms used throughout the agreement, including 'Credit Limit', 'Interest Rate', 'Statement Period', etc.
4. Card Issuance and Usage: Terms regarding card issuance, activation, and acceptable use of the credit card
5. Credit Limit: Details about the credit limit, how it's determined, and procedures for limit changes
6. Interest Charges: Comprehensive explanation of interest rates, calculation methods, and grace periods
7. Fees and Charges: Details of all applicable fees including annual fees, transaction fees, and penalty charges
8. Payments: Payment obligations, minimum payment requirements, and payment allocation methods
9. Statements and Communications: Information about billing statements, notification methods, and communication preferences
10. Security and PIN: Cardholder responsibilities regarding card security and PIN protection
11. Lost or Stolen Cards: Procedures for reporting lost/stolen cards and liability limitations
12. Default and Termination: Events of default, consequences, and termination procedures
13. Amendments: Process for making changes to the agreement and notice requirements
14. Privacy and Data Protection: How personal information is collected, used, and protected
15. Governing Law: Specifies that the agreement is governed by Canadian law and applicable provincial legislation
1. Authorized Users: Terms for additional cardholders - include when additional cards are permitted
2. Rewards Program: Details of any rewards or loyalty program - include when the card offers rewards
3. Balance Transfer: Terms for balance transfers - include when balance transfers are offered
4. Insurance Benefits: Description of insurance coverage - include when card comes with insurance benefits
5. Digital Services: Terms for online/mobile banking services - include when digital services are offered
6. Business Use: Special terms for business cards - include for business credit card agreements
7. Foreign Transactions: Terms for foreign currency transactions - include when foreign transactions are permitted
1. Schedule A - Interest Rates and Fees: Detailed breakdown of current interest rates, fees, and charges
2. Schedule B - Rewards Program Terms: Detailed terms and conditions of the rewards program, if applicable
3. Schedule C - Insurance Certificates: Certificates and terms for included insurance coverage
4. Schedule D - Digital Banking Terms: Terms and conditions for online and mobile banking services
5. Appendix 1 - Privacy Policy: Detailed privacy policy and information handling practices
6. Appendix 2 - Disclosure Statement: Required regulatory disclosures and information summaries
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