Federal Finance Minister Jim Flaherty will unveil new credit card regulations at a news conference in Toronto on Thursday, a day after the U.S. Congress passed a “bill of rights” for credit cardholders.

The Canadian measures are expected to include the imposition of a minimum 21-day grace period, and requirements that financial institutions provide better disclosure about interest rates.

The government wants clear and simple information on credit card application forms and contracts, as well as clear and timely advance notice of changes in rates and fees.

Mr. Flaherty has assured sources in the financial industry that he will not be taking tougher measures, such as imposing a ceiling on interest rates. Ottawa said in its January budget that it would be taking steps to ensure that consumers are better informed to make decisions about credit cards.

Mr. Flaherty had planned to make his announcement earlier this month but it was postponed, according to sources.

Banks have privately warned the government that any new rules that increase their costs could ultimately result in higher costs, or reduced availability, of credit cards for Canadian consumers.

On Wednesday, the U.S. Congress finalized legislation that will bring widespread changes to the U.S. credit card industry, measures that are intended to protect consumers. There will be new restrictions on giving cards to minors, for example, and a requirement that the card companies give 45 days notice before raising rates.

Canada's rules were already stricter than those in the U.S. on many of the items. For instance, the new U.S. rules say that people under age 21 must have a co-signer to obtain a credit card. Canada's banks can already only issue cards to people who are of the age of majority in the province that they live in unless they have a co-signer.