Apr 23, 05
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credit cards.
i need to get a credit card, so i can get some good credit before i leave for japan. but the thing is, i dont know the first thing about credit cards.
i need some suggestions, visa or mastercard? any one know of any good offers? 
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Apr 23, 05
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They're all a rip off. Nothing but tools of the Devil.
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Apr 23, 05
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When are you planning on leaving... because as far as I remember it takes about 6 months to build a Credit Rating. With the difference between Visa and MasterCard, there aren't many. They both have exorbitant exchange rates and interest rates. Main difference is the logo. lol
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Apr 23, 05
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if you plan on keeping a balance on the card, something obviously low interest.
if you plan on making big purchases consistently, a money back card would be decent. (you get like 1 or 2% back) but probably an annual fee. if you just need a credit card for deposits, stuff that needs a CC, then almost any card will do. just remember the main thing is the interest rate. but if you are smart with your money and will pay off the balance each month, then it's a moot point. if you have no credit rating it'll be tough for you to get a card, worst case scenario my first card was a vancity visa with a $500 term deposit as collateral. after you get the first card though, it's easy as pie to get the 2nd one. visa vs mastercard is all the same, but honestly my mastercard has been really takin care of me lately. i'm sure visa has the same benefits/advantages but mastercard hooks me up consistently. but that's probably because my limit's higher on the mc. just talk to your bank, and see what they have to get an idea of where to start and what you really need.
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Apr 23, 05
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necessary evil. and besides, if YOU work the card properly you can end up paying no money, ever. try renting a car without a credit card? do you like to pay deposits in cash?
axion: whenever you get this card, find out how soon they charge interest, ie: the day you buy something, or at the end of the month, if it's month you'll be laughing because if you pay your bill off, no charge. so it's like you're pimping mastercard.
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Apr 23, 05
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axion: pretty much, just go into the bank and see some initial stuff. then come home and cross ref what they gave you with some cards on the net. or from other financial institutions.
babyphat: get a card with collateral. you gotta give'm $500 deposit/gic and they'll hold onto that until you prove that you're good with the card. but i'd try to apply for the ghetto student type card to see if you can score it. *regardless use the guilt trip on your bank, granted they might not care, but being a long time customer blah blah blah who wants a card shouldn't be a hard process.
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Apr 23, 05
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Quote:
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Apr 23, 05
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Quote:
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Apr 23, 05
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Axion: You never did answer the question: how soon do you need credit cards/when are you going to Japan.
If you have a couple of months, here's what you do: 1) Go to Canadian Tire. Go up to the till, and ask them for a credit card application. Fill it out. Often you get instant approval and are allowed to use it right away. Go buy something cheap. Anything. Just use the new card. When the bill comes in the mail, pay it off, right away. BAM! You've got a good credit rating. 2) Do the same thing with The Bay, Sears, and any other place that offers a credit card. Do the same thing as in "1". I guarantee you will be receiving offers from both MC and Visa within a couple of months. Fill out their forms, send them in and within a month or so, you should have some plastic in you wallet. Stay away from American Express!!! The deal with these wankers is that you MUST pay off your balance, each month! With MC and Visa, they only require a minimum balance payment against your credit debt. If you get credit cards, use them wisely! They are good for renting cars, getting hotel rooms and various other uses, but don't go nuts and abuse it! Hope this has helped ya. Frosty (owner of at least 5 credit cards)
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Apr 23, 05
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Don't use it for Christmas shopping either. I only have a $500 limit, but it's still hard to pay that off all at once.
You're fine as long as you pay the minimum anyway.
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Apr 23, 05
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I jsut kinda happened upon my credit cards... My bank offered me one when my joint account with my parents was rolled into my name at 19. My other bank offered me a student one when I switched to a student account. MBNA called my house for my parents and when Is aid they weren't home, they offered me the credit card. I applied for AMEX to get more airmiles... And to HBC to get rewards points. So I have 5 (I used to have a Victoria's Secret on too... but the bill always come late, so I cancelled it).
In my experience: MBNA Mastercard is easy to get (hell they were just telemarketing it) but they send lots of junky mail like fast advance cheques etc. But... No biggie. Visa (Scotia Banks & Royal Bank) and Mastercard (BMO & MBNA) are just fine really. I like AMEX best. No real reason other than airmiles... Try your banks, try for student ones. Check out your local mall - they often have kiosks with people signing you up for applications with a free gift. Good luck! *When you go overseas, remember to leave your security info with someone you trust, so that if it's stolen you can get ahold of that and hold/cancel it ASAP.
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Apr 23, 05
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try the TD Walmart credit card. It was my first one and i dint even ask for it. I was at the bank 1 day and they asked me if i wanted a credit card and im like aight fine. Its a student card with a $500 limit and i didnt have to pay anything. After that i picked up antohre 3 cards from other places wth ease. Its really not even that hard to get your first one but that still depends on ur situation. I mean if u were 18 and you have zero income and u cant show them shit to atleast make them feel u have the ability to pay off ur bills then its ahrd. but if u can its pretty easy.
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Apr 23, 05
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Walmart = pure evil
Give no $$$ to these bastards, whatsoever!!! Have you seen how some cards are affiliated w/ some institutions? I've got a card that gives cash to the VSO. I've got another card that gives cash to the BCSPCA. Be aware of what/whom you are supporting. Frosty (Boycott Walmart!!!)
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Apr 23, 05
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Uh, I'm gonna say not to do what Steve recommended. After about your fourth credit card application, you get a big flag on your SIN that says "CREDIT HUNTER", and your credit takes a shot downhill. Especially if you have no previous credit.
Take your time. Get a single card, buy something on it and KEEP CURRENT WITH PAYMENTS. That's the one thing that will make you thoroughly regret the decision to get a credit card. If you're really worried that your credit history will get you declined, most banks offer something along the lines of giving them $500, build up your credit with that money and then eventually they'll pay you back your money and you can leech off the credit itself alone.
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Apr 24, 05
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Just go to your bank (or even start a new account) ask to apply for a credit card. Just check the box that says student card. And ask for a small limit, like $500. You shouldn't have any problem being approved if your over 19.
The bank at Superstore is good, because they can tell you if you'll be approved, and approve you on the spot. Plus you get points to buy grocery's with it and such. But like everyone said, don't use it unless you have to, I got into some shit before because I spent like an idiot.
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Apr 24, 05
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>Uh, I'm gonna say not to do what Steve recommended.<
Really? It doesn't really take much to make up a credit-rating. Yeah, dealing w/ one card is simpler, however, having multiple credit accounts does build up the credit rating. It's not _MY_ design, just helping the young-uns to figger it out. Frosty (Go!)
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Apr 24, 05
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Canadian Tire or through your bank. If you have a cell phone bill, or car payments.. That is also on your credit. Make sure you pay ontime. Even if you can only pay the minimum payment. Just pay ontime!! It can take up to 5 years to clear your credit if you have some past issues. It sucks. I always rack my credit card up, and then pay it off in two or three payments. I am hoping they will give me a higher balance!!
Becareful though. My grandpa had a canadian tire club card, which eventually just changed over to a MC. He signed me up for an 'authorized' card holder and I racked up $4100 in 6 months. Its a terrible feeling being in debt, but I totally lost control.
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