Application form for a credit card
Application Form for a Credit Card – Information box referred to in section 59 of the Financial Consumer Protection Framework Regulations and in subsections 6(2.1) and (2.2) and Schedule 4 of the Cost of Borrowing (Trust and Loan Companies) Regulations, the Cost of Borrowing (Canadian Insurance Companies) Regulations and the Cost of Borrowing (Foreign Insurance Companies) Regulations.
The following example applies to all Federally Regulated Financial Institutions (FRFIs).Footnote 1 The example also applies to information boxes presented in electronic format.
| Annual Interest Rate or Rates | These interest rates are in effect the day your account is activated. Promotional rate on purchases: 4.99% for your first three monthly statements. Purchases: 19.99% following the promotional period. Cash advances: 20% Balance transfers: 20% Your interest rate will increase to 28.99% on your next statement if you:
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| Interest-free Grace Period | 21 days You will benefit from an interest-free grace period of at least 21 days if you pay off your balance in full by the due date. There is no interest-free period on cash advances and balance transfers. |
| Minimum Payment | 2% or $10.00 Your minimum payment will be the greater of 2% of the outstanding balance owing and as shown on your monthly statement, or $10. |
| Foreign Currency Conversion | 2.50% You will be charged in Canadian currency if you use your account to make transactions in foreign currency. We will convert it directly to Canadian dollars at the exchange rate in effect at the time we post the transaction to your account. When the transaction is posted to your account, in addition to the exchange rate, you will be charged a foreign currency conversion of 2.50% for each foreign currency transaction. |
| Annual Fees | $50.00 To be charged on your first statement and annually on your statement anniversary date. |
| Other Fees | To be charged on the day the transaction occurs (unless otherwise indicated): Cash advance: $5.00 Over the credit limit: $20.00 Balance transfer: 1% of the amount transferred Extra copy of your monthly statement: $2.00 |