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Understanding Credit

Many consumers use credit to help manage their personal finances. Credit can be a mortgage to buy a house, a loan to buy a car, a line of credit for larger purchases or a credit card to make everyday purchases more convenient. It's important to understand how different types of credit work, and how to use credit to build a strong personal credit history. This section provides information on how a credit card transaction works, credit card products, budgeting, and avoiding money mishaps. Understanding credit is the key to using it wisely and making it work for you.

How a credit card transaction is processed

Credit cards are a convenient and simple way to pay for purchases but, when using a credit card, you are using a sophisticated and reliable worldwide payment system.  There are many benefits for consumers when using credit cards and for merchants when accepting them as payment, and all share the costs to the credit card system.

Review diagram indicated below:

Credit Cards

Fast facts:

• A credit card is a convenient and flexible payment tool for both consumers and retailers.
• Credit cards provide interest-free credit from the time of purchase to the end of the billing period.
• Since more than 70% of Canadian households pay their credit card balance in full each month,¹ the effective interest rate for the majority of credit card users is zero.
• For those who choose to carry a balance:
• Credit cards offer access to unsecured credit (no collateral required)
• There are more than 60 low interest rate cards on the market.²

Credit card benefits

A credit card is a convenient and flexible payment tool accepted in 170 countries and at 30 million locations worldwide.
For Consumers:

• Access to unsecured credit (no collateral required against amounts charged).
• Interest-free payment from time of purchase to the end of the billing period.
• Instant payment of purchases, allowing for instant receipt of goods and services.
• 24/7 access.
• Fraud protection with zero liability to the consumer in cases of fraud.
• Other rewards and benefits, such as air travel points, car insurance, damage and loss insurance, and extended warranty programs.

For Retailers that accept credit cards:

• Fast, guaranteed payment.
• Reduced cash handling time and costs, and reduced security risks related to handling cash.
• Increased sales; ability to offer customers a variety of payment options.

Competition and choice

When making a purchase, consumers can choose to use cash, cheques, debit cards, as well as unregulated electronic payments services like PayPal.
When it comes to choosing a credit card, banks offer consumers a wide variety of products. Customers may choose among standard cards without an annual fee, premium cards that offer rewards and features, and low-rate cards for when the interest rate is a key consideration influencing the card choice.

• Hundreds of institutions in Canada, including banks, credit unions, retailers, caisses populaires, trust companies and finance companies offer credit card products.
• There are more than 60 low-rate cards on the market.
• 68.2 million Visa and MasterCard cards are in circulation in Canada.

Consumers are encouraged to learn more about the choices available and to select the product that best suits their needs. Just like any item or service that a customer buys, the customer has the control to decide on their credit product.
For longer-term borrowing requirements, a term loan or line of credit may be a better choice.

Strong regulations

Consumers with credit cards from banks are protected by Bank Act regulations that require:

• Disclosure of the interest rate at the time of solicitation or application, and on every one of your monthly statements.
• Statements to include itemized transactions, the amount you must pay on or before the due date in order to have the benefit of a grace period.
• Disclosure of the previous month’s payments and the current month’s purchases, credit advances, as well as interest and non-interest charges.
• Plain language information for customers.
• Rules on advertising.
• Limits on consumer liability in the event of fraud.

Credit card pricing

There are a number of factors that influence card fees and rates.

• An interest-free period from purchase to payment, depending on the card, as long as the balance is paid in full when owing.
• Access to unsecured credit where no collateral is needed, which makes it a higher risk for the credit card issuer.
• Significant costs to operating the credit card system including processing a large volume of transactions, technology that is constantly updated to support transactions, preparing and mailing statements and collecting payments and the costs for providing value-added rewards programs.
• Costs to fight fraud and customer reimbursement. When fraud occurs, customers have zero liability. In 2008, financial institutions reimbursed to their Canadian credit card customers more than $400 million, representing the losses these customers suffered as a result of criminal activities.
• The Bank of Canada rate represents less than one per cent of bank funding and does not influence the pricing of consumer lending, including credit cards.

Canadians use their cards wisely

• A 2009 Boston Consulting Group survey found that more than 70% of Canadian households pay their credit card balance in full every month, whereas fewer than half of US households do.⁴
• Income is not a factor on who pays off their credit cards. Statistics Canada found that the percentage of low, middle and high income families paying off their credit cards every month is roughly the same.
• The credit card delinquency rate in Canada is half of what it is in the US.⁵
• Canadians carry an average of two credit cards per household, while US consumers average six.⁶
• Credit cards account for just 3% of total household debt.
• Banks work with clients who are concerned about their debt, helping them get control of their finances or choose more suitable credit products. Banks also support non-profit credit counseling services.

Using credit wisely

It is sometimes easy to forget that you have to pay for what you buy. Here are some guidelines for keeping control of your financial affairs and making credit work for you, not against you.

• Make a budget for yourself and stick to it. Make sure that you know what is coming in and what is going out. That way you will avoid nasty surprises.
• Avoid impulse buying. If you had to pay in cash, would you be making this purchase?
• Comparison shop as a matter of habit. Never buy anything - and that includes any form of credit — without comparing costs and value.
• Always read and understand application forms before you sign them.
• Be careful of co-signing a loan or guaranteeing a loan on behalf of others. Remember that you could end up paying off the loan if the borrower cannot handle it. Ask the same questions of the borrower that the lender will. Know the risks involved so that you can make a sensible decision.
• Be knowledgeable about the cost of credit. Are you using the right type for your purpose? Are you using a more expensive form of credit than necessary?
• Be sensible about the number of credit cards you use. How many do you really need? Are you using them simply because you have them?
• Keep track of all your credit purchases. Save the receipts for checking against the monthly statements and for keeping a running total of your obligations. One way you could do this is to get an extra cheque register (the part of the cheque book on which you keep track of deposits and withdrawals). You could use the "cheques" column for noting credit purchases and the "deposits" column for noting credit payments. The "balance" column could be used for noting how much you owe in total.
• Remember, whether you use cash, a cheque, a card or a loan to pay for your purchases, to check out the reputation of the merchant, the store's return policies, the quality of the goods and the product warranty. Using credit to pay for something does not absolve you of your consumer responsibilities.

Credit can be good or bad. It's all about how you handle it. Before you decide on credit, carefully consider all of the factors and weigh them against your personal needs and values.