Credit Cards and You: Your Rights and Responsibilities

When You Receive Your New Card

When your credit card arrives, it will have a card agreement or contract with it. This agreement outlines the terms and conditions of the card, so you should read it carefully, understand it and keep it for your records.

In an information box at the beginning of the credit card agreement, credit card issuers must provide the following information:

• your initial credit limit, unless the credit limit has not been determined (in this case, the issuer must provide the initial credit limit with or before your first statement);
  
  
• the card's annual interest rates;
  
  
• the grace period, if any;
  
  
• how the interest charge is calculated;
  
  
• your minimum monthly payment and how it's calculated;
  
  
• the foreign currency conversion fee and how it’s calculated;
  
  
• the annual fees that apply; and
  
  
• any other charges or fees that may apply.
  
  

Your credit card agreement should also include the following information:

• how often you will receive your statements; and
  
  
• any optional services available, such as credit balance insurance, and the charges for each one.