THIS IS RIDICULOUS! All the fees credit card companies charge whether you have a regular credit card, or even if you buy a Visa gift card(available at many grocery and department stores). I'm focusing on the their gift cards in this post.
As you see by the above image:
The only thing they don't charge for is when you check your balance online. oops! I should shut-up about that otherwise they may do that too if they come across this blogpost and they'd think "we forgot one!"
On a $100 Visa Gift Card
Purchase fee: $5.95
Monthly maintenance fee:(after first 6 months of use)$2.00
Inquiries by voice-activated response: $0.50(no charge on the 1st inquiry only)
Transfer to live agents: $0.75(no charge on the 1st inquiry only)
Lost and stolen replacement fee: $20.00
Balance at enquiry: says "see note".
Their note(fine print)says:
1. Fees and limits are subject to change in accordance with the Terms and Conditions.
2. Unless prohinited by law, if after six months from activation a balance remains on the card we will deduct a maintenance fee.
3. If there is a remaining balance after the Card expires or is cancelled, you will be charged a cancellation fee equal to the remaining balance.
The Canadian federal government has refused to crack down on credit card companies and their fees. The Canadian government and the credit card companies should all be ashamed of themselves!