The increase for those card holders will remain in effect until July 31, 2023, at which point it will be changed again.
The Office de la protection du consommateur du Québec notes that beginning Aug. 1, 2023, issuers of credit cards will be able to require a minimum payment of 4 per cent of the balance on a monthly statement. That minimum will then be increased to 4.5 per cent as of Aug. 1, 2024 and will increase again to 5 per cent as of Aug. 1, 2025.
Individuals holding credit cards issued after Aug. 1, 2019 are already required to make a minimum payment of 5 per cent of their monthly balance. The OPCQ points out that it is always preferable to pay off the total monthly credit card balance in order to save on credit charges.noted that Canadian consumers are increasingly using their credit cards to make purchases. Credit card purchases nationwide recorded in the first quarter of 2022 were up 17.5 per cent compared with the same period a year earlier. The biggest jump was in Ontario while Quebec recorded an increase of 18.4 per cent.
Generally, the increase in credit card use was observed among younger consumers. Equifax Canada also noted that the number of new cards issued in the first quarter of 2022 increased by 31.2 per cent compared with a year earlier.
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