Quebec raising minimum payments for credit cards
https://montreal.ctvnews.ca/new-rules-r ... -1.4533517
One of the news reports mentioned that other provinces were watching the outcoume.Quebec credit card users will have to pay off at least two per cent of their monthly owed balance as new rules came into effect across the province on Thursday.
According to provisions of the Consumer Protection Act, the minimum threshold will then increase by half a percentage point per year starting Aug. 1, 2020 until it reaches five per cent.
For new credit card agreements, the minimum monthly payment will now start at five per cent.