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The credit rate is the amount of credit charges expressed as the percentage that applies to a contract of credit. The contract must stipulate only one credit rate. The exception to this rule is contracts extending variable credit, such as credit accounts or credit cards, the credit rate of which can vary according to the amount owed. For instance, a 19% interest rate could be applied to a $500 balance, whereas a rate of 14% could apply to the remainder.
Fore more information, visit the Office de la protection du consommateur website  ( 61 Kb) (in French).
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