Responding to Bill 134
Bill 134 amends the Quebec Consumer Protection Act and mandates a change to the minimum monthly payment requirement for Quebec credit card customers as of August 1st, 2019. Here’s an overview of the changes.
For Quebec residents only, the minimum monthly payment on our ManulifeMONEY+™ Visa* cards is changing from $10 plus any interest and fees, to the greater of 5% of the new balance or $10 for new Quebec clients. There’ll be a gradual change for existing Quebec cardholders who applied before June 10, 2019. Their minimum payment will start at 2.5% and increase by 0.5% every year for five years until 5% is reached. The minimum payment for customers outside of Quebec will not be changing. For more details, please see the links below.
How are we telling customers?
- Mailing existing Quebec customers this notice.
- Posting a banner alert on the credit card landing page, which directs customers to this PDF summarizing the changes to their Minimum Payment.
We’re also updating our web content, applications and Call Centre FAQs to reflect the changes.
Where are these updated resources?
We’ve updated our disclosures and applications. It’s important for all advisors to ensure you’re using the correct applications effective immediately:
You can find updated sell sheets (AB0825) here.
Manulife, Manulife Bank & Stylized M Design, ManulifeMONEY+, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
*Trademark of Visa Int., used under license.