Canada's federal finance minister announced Wednesday prepaid credit cards soon can no longer expire and must openly disclose all fees and conditions.
Minister Jim Flaherty made the announcement in Ottawa, saying prepaid credit cards are relatively new to Canada, but had to be as transparent as other financial tools, the QMI Agency reported.
By disallowing cards to expire, lenders will no longer be able to absorb any unused portion of the balance. Additionally, issuers can't impose any new fees on the account within the first year, the Canadian Broadcasting Corp. reported.
Flaherty said all terms and conditions must be shown in the cards' packaging in "clear, simple and unambiguous language."
The changes haven't been enacted by Parliament yet, but with a majority Conservative government, Flaherty's proposals are likely to spend little time in debate.
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