applying for a Canadian Credit card question

[michaelab]

hey guys I have some questions about applying for a credit card in Canada.

My husband does not have a credit card but I would like to have one. As I just landed I do not work (I am a stay at home mom/wife)..how hard is it to get a credit card in this country?? Which companies accept the newly landed immigrant?

I do have a credit card in the States..but I would like to have one here as well.

Thanks!!

 

[Baloo]

Most banks will accept new immigrants, and non residents actually.

General way -

Go to a bank, open a checking account, ask for a credit card that requires a "hold" on a certain amount of cash, deposit the cash, use card, repay card bill on time, every time, etc.

You can search the forum for credit card info there is a lot of information here.

 

[kelKel]

My bf was able to get a credit card from Royal Bank with a $1000.00 dollar limit. He had to put a deposit of $1000 which he gets back after 1 year and a half. Which is soon!

 

[adzees]

New applicants can have a Secured Credit Card. Bank now requires new applicants to build a credit history before they issue you the unsecured card.
Those golden days are gone now when bank use to issue card without any security deposit.

 

[chelley]

Scotia has an "newcommers" package... I believe they offer unsecured cards with low (500$) limits, but there may be some job or balance level requirements... My hubby has been working for a few months now and just got a card (higher limit than 500)... Without a job it's a tricky one... Maybe try capital one, they have cards with very low limits too (like 200)...

Good luck

 

[whoopi83]

Most banks will issue a credit card, some with security others not. If you don't have a job then you probably won't get one without a security depost which is called cash collateral. Some banks that do this will issue a card at 500 or 100 and have the bank hold funds equivalent to 125% i.e. 625 or 1250. For example BMO issue me a card at 125% (1250) providing I had a bank account there and held the funds from my chequing account. After I got a job I asked a teller to call them and ask (6 months of use) if they would release the cash collateral, which they did on receipt of pay stubs for the 6 months of working. All done. Signed into Equifax and found that I also had a nice healthy 900 credit score. I used the card upto half the available credit and paid off in full each month.

 

[Baloo]

People should also be aware that not all "secured" credit cards will affect your credit score. Source (TD bank).

 

[jancath410]

TD offers unsecured VISA. As long as you do not have any credit record, they will give you one. I work for Scotia but asked my husband to open one with TD because they don't require to hold any funds.

 

[candy22]

ur bank can answer these questions for u

 

[rubyalabar]

ScotiaBank has the StartRight Program for new immigrants

http://www.scotiabank.com/cda/content/0,1608,CID12961_LIDen,00.html

Note I am not connected to Scotiabank or promoting them, just that my husband has been banking with them since he arrived as a foreign worker in Canada 2 years ago and it has been a good experience so far according to him.