I’m a PR but I can’t live like a PR!!!!

[armoured]

It should not be a surprise that one of the most closely tracked credit factors (from the bank side) is first payment default, i.e. whether a borrower even makes the first payment - because it's a direct indicator of a potential fraud problem. Another is first default (how many months to the first late payment or similar).

Both would likely be used directly in decisions about raising limits (when and how much).

Getting a card limit right away is actually pretty good, many new arrivals would have to make do with prepaid cards or visa/mastercard-branded debit cards.

 

[PestoStar]

Ok, two updates :

1) I contacted the headquarters of Walmart and they’re following now my case lol

2) I’m pissed off one more time with the bank. So my appointment was for today and they gave me a credit card with 1k limit while itwas specifically written in their website that for newcomers it can go up to 5k! So I would like to know who are those that can get 5k at the beginning! I’m an owner, I’ve an excellent job, ok I’m new, but why is it written “up to 5k” ?Is it for those who have 3 houses and 500k/yearly ?!

My wife has 15k credit limit and she’s younger than me!

I’m tired of being treated like a teenager, I’m feeling so humiliated. After few weeks if they don’t increase my credit limit, I’ll see with another bank and transfer all my funds and money ! Tired of being treated like kids.

I had a similar experience with the 1k/5k credit card limit issue when I got a CC with TD - not sure if the same rationale applies to all banks, but this is what I learned, in case it's useful to someone else:
Basically their newcomer offer allows you to choose any card from their list and they'll give it to you without a credit check. However, each card comes with a certain "minimum credit limit" as listed on heir website. Some of them have a 1k minimum limit while others have 5k (typically with higher annual fees and better perks). What isn't mentioned (or maybe just not clearly) is that they'll always give you the minimum credit limit for whichever card you choose, and not consider anything else.
I happened to choose a card with a 5k minimum limit and was approved for 5k. I know someone who asked for one of the more basic cards that had a minimum limit of 1k and got a 1k limit. I'm guessing this is probably what happened with you.

I think having an unsecured CC at the outset is very helpful for new residents, both as a financial tool and for building one's Canadian credit history. But the way it's implemented like this seems a bit odd to me, or at least it should be explained better. What makes things worse is that, in my experience, many of the people at the branches are often either clueless or couldn't be bothered about the details. My friend who got the 1k card was actually asking for a different card, the employee clicked the wrong button and couldn't be bothered to fix their mistake on the spot ("oh just call customer support, they'll send you the right one", didn't happen of course), so he was stuck with the wrong card for a while.

I'd say try customer support like you suggested (but unfortunately, I wouldn't hold my breath), and I think pursuing another bank (that has a Newcomer offer) may be a good option for you. Just beware of fine print and annual fees.

 

[armoured]

I had a similar experience with the 1k/5k credit card limit issue when I got a CC with TD - not sure if the same rationale applies to all banks, but this is what I learned, in case it's useful to someone else:
Basically their newcomer offer allows you to choose any card from their list and they'll give it to you without a credit check. However, each card comes with a certain "minimum credit limit" as listed on heir website. Some of them have a 1k minimum limit while others have 5k (typically with higher annual fees and better perks). What isn't mentioned (or maybe just not clearly) is that they'll always give you the minimum credit limit for whichever card you choose, and not consider anything else.
I happened to choose a card with a 5k minimum limit and was approved for 5k. I know someone who asked for one of the more basic cards that had a minimum limit of 1k and got a 1k limit. I'm guessing this is probably what happened with you.

Thanks, useful info.

From a bit of experience with how banks deal with credit card products, I can see how this would happen. (And while it might seem counterintuitive, I can see they wouldn't lower the minimum credit limit - that would be a different product, so go back to square one).

So although I've no personal experience with the 'newcomer' offers and the like, my guess is it would be pretty similar at other banks (or at least those that deal with newcomers the same way).

But anyway - the lesson from what you've said - something that can be tried by applicants - is to ask about the premium card products (even if you don't actually want the other add-ons of the premium cards) - and see if you can get the minimum credit limit info during that process. (My guess is banks try to make that particular item a bit less prominent, if not actually hiding it - make it too obvious and it makes things a bit too easy for those who want to game the system for fraudulent purposes)

I don't know all the card offers but if you want the higher credit limit, $50-75 fees might be worth it. (I find the premium cards save me money because I have to rent cars not infrequently and the insurance coverage alone makes it worthwhile)

 

[Idrissrafd]

Thanks, useful info.

From a bit of experience with how banks deal with credit card products, I can see how this would happen. (And while it might seem counterintuitive, I can see they wouldn't lower the minimum credit limit - that would be a different product, so go back to square one).

So although I've no personal experience with the 'newcomer' offers and the like, my guess is it would be pretty similar at other banks (or at least those that deal with newcomers the same way).

But anyway - the lesson from what you've said - something that can be tried by applicants - is to ask about the premium card products (even if you don't actually want the other add-ons of the premium cards) - and see if you can get the minimum credit limit info during that process. (My guess is banks try to make that particular item a bit less prominent, if not actually hiding it - make it too obvious and it makes things a bit too easy for those who want to game the system for fraudulent purposes)

I don't know all the card offers but if you want the higher credit limit, $50-75 fees might be worth it. (I find the premium cards save me money because I have to rent cars not infrequently and the insurance coverage alone makes it worthwhile)

Thank you PestoStar and armoured for this useful information.

My wife has the infinite visa credit card (the most premium one), first year is free, then 120$/year. Even with 120$/year, this card is so useful for the cashback. I made an excel document, and we’re getting almost 150$/month of cash back, that’s insane.

So naively I asked to be added as a card holder, but the bank told me it’s a bad idea, because the main holder is my wife, so I can’t build a credit score like that.

Then I told to the bank : basically I’m losing from both sides: I can’t get the newcomer package -ie., no monthly fee for one year + 300$ welcome bonus-, because I already had a joint account with TD…just WTH
AND I can’t get a premium credit card. So, I told him, why should I go with you ?! No answer lol

I tried TD, because all my in laws and my wife are with TD.

I’ll try another bank next month.

 

[armoured]

Then I told to the bank : basically I’m losing from both sides: I can’t get the newcomer package ... because I already had a joint account with TD…just WTH

I didn't catch why you couldn't get the premium credit card?

I can't say this always works - because I haven't set foot in a physical branch for a couple years now - but I have once or twice (on phone once come to think of it) pulled the "I'd like to speak to branch manager" then "I'm pulling everything and going to X bank across the street if you don't fix this."

Branch managers have less power than they used to but not zero.

We're currently a bit frustrated as daily limits on transfers between us are proving a hassle. Working this out bit by bit.

 

[PestoStar]

Thank you PestoStar and armoured for this useful information.

My wife has the infinite visa credit card (the most premium one), first year is free, then 120$/year. Even with 120$/year, this card is so useful for the cashback. I made an excel document, and we’re getting almost 150$/month of cash back, that’s insane.

So naively I asked to be added as a card holder, but the bank told me it’s a bad idea, because the main holder is my wife, so I can’t build a credit score like that.

Then I told to the bank : basically I’m losing from both sides: I can’t get the newcomer package -ie., no monthly fee for one year + 300$ welcome bonus-, because I already had a joint account with TD…just WTH
AND I can’t get a premium credit card. So, I told him, why should I go with you ?! No answer lol

I tried TD, because all my in laws and my wife are with TD.

I’ll try another bank next month.

I agree with you and with @armoured about the premium cards being generally worth it (higher credit limit, higher cash back, insurance, etc.). I am happy with mine as well, despite the higher annual fee (which may also be waived if your balances at the bank are large enough).

I would independently verify (= do a good Google-search) that claim about "can't build a credit score like that", meaning by being added as an Authorized User. I'm not 100% sure but I believe this to be wrong.

I looked quickly at the eligibility requirements for TD's newcomers offer and one of them is to "Have never opened or held a TD chequing account", so I suppose that's why you say you can't get the offer.

In any case, like @armoured said, maybe try the branch manager once, but in general I personally feel this may be one of those situations where it's just easier to switch to another bank to avoid the frustration (perhaps too late for that in your case ) and uncertainty, and it may actually give you more options in the future.