$1000 credit card from TD

[aashay12]

Newbies those who has a PR can now open a checking account at TD
and they will offer you a $1000 credit card so you can start building credit from day one
thats the best offer i think one can get without credit.
Dont take this as a wrong way to start the life in Canada, don't drown in debt because someone is offering you something
Remember you have 21 days to pay your balance, so you are 3 weeks ahead from the time you spend.
good luck

 

[loncan]

CIBC initially offered me a $1,500 limit on a credit card (unsecured). They have since increased it. I also opened a chequing account with them which presumably helps.

 

[aashay12]

i will go and open one account at cibc...i get 1500 as well....and then try another bank....like rbs or bmo....will be well capatalized for 5-6k
i wont use it but in case of emergency i would like to use them.

 

[AMJ]

The catch, however !!!!
Any amount approved as credit limit by the Bank is actually withheld in the account for over a year as guarantee.

 

[loncan]

The catch, however !!!!
Any amount approved as credit limit by the Bank is actually withheld in the account for over a year as guarantee.

If you are taking the "secured" card route, then yes the amount is held - usually in a GIC (and earns a small amount of interest), and presumably your card limit can be as high as you wish (as they will have your money).

If you are taking the "unsecured" card route, then you are normally offered $500 to $1500 - depending presumably on the bank and your circumstances.

 

[Sisifo]

I have been seeing ads from Scotiabank offering 5000 in unsecured credit card for new immigrants through their start right program.