Hi,
Here are my challenges:
- Receiving funds into my Canadian Account will cost me ~ $14-17 per transaction
- As I am outside Canada, I would be required to pay ~ 3.5% FOREX fees for my transactions
What I would like to do is, activate my card to start building a Credit history. I have a couple of hundred dollars in the checking account to pay off the outstanding amount immediately. This way, I don't incur the cost of incoming transfers (since the money is already there) and smaller transactions (even with the FOREX charge) won't affect the fees I am paying.
With the above facts in mind, I would like to know:
- Does using my Credit Card for foreign transactions affect my credit score (or does not even count if none of the transactions are in CAD and all are exclusively online)?
- How long does it take to build a credit history with the above strategy?