Others are affiliated issuers such as the University of Toronto and General Motors. Consumers may also choose from many other credit cards in addition to VISA and MasterCard. These include cards issued by Petro-Canada, Canadian Tire, The Bay and American Express. The greatest value offered by credit cards is simply that interest is waived as long as the monthly statement is paid off in full and on time. American Express and Diners Club also offer charge cards.
Charge cards require cardholders to pay their balances in full each month.
Interest Rates Average credit card interest rates for standard cards issued by Canada's six largest banks have dropped by 2.71 per cent since their peak in October 1990. Interest rate information accompanies all credit card statements sent to customers. Pamphlets that cover other subjects such as interest rate calculation, credit card security and the wise use of credit cards are also available. The banks have been leaders in the evolution of the low-rate card since introducing this product in 1992. The average interest rate on low-rate accounts offered by the six largest Canadian banks was 12.03 per cent as of March 30, 2001.