MasterCard Canada and FCAC bring out Model Credit Card Application Form

In an endeavor to better credit card disclosure for the consumers, MasterCard Canada and the Financial Consumer Agency of Canada (FCAC) unveiled a new model credit card application form on 12th November, 2008. This has been planned to assist the credit card consumers in Canada to have an improved understanding of what they are requesting for and the language written in the form.

This initiative may be delineated as a public-private partnership recommending increased usage of simple language for credit card consumers.

According to Ursula Menke, the FCAC Commissioner, the model credit card application form has been planned in such a way so that the consumers face no difficulty in going through and comprehending the terms and conditions related with the credit card they have applied for. As per the President of MasterCard Canada Kevin Stanton, the credit card consumers should get the time to understand each and every term mentioned in the application form. That is why the document has been made more accessible to the consumers.

The model credit card application form in plain language was tried out with actual consumers. They favored this form more as compared to the usual credit card application form. They opined that it is really user-friendly and simpler to perceive.

Besides the model credit card application form, an appendix was provided to the participants that clarified the terms and conditions in simple words. The consumers felt that the appendix is a quite helpful document for them.

Once the consumers went through the model credit card application form, the majority of the participants stated that they got to know and comprehend those things that they did not earlier despite the fact that many of them utilized credit cards for a long period of time. A few participants showed a readiness and in some instances, a keenness to look for extra information.

For watching the projected model credit card application form and the executive summary of the report, you can visit the official website of FCAC.