Secured/Unsecured credit card

[greeki78]

TD bank gave me a secured credit card by putting a hold on my savings account one year back.I'm a permanent resident and they are reluctant to remove the hold.A friend of mine came on student visa from India and got approved for $1000 credit and she doesn't even have a sin number yet.I find this very disturbing and would like to complain it to someone who can take action against TD.
The law of the land clearly states that Permanent residents and citizens should have more rights and benefits than others.Who should I report this matter to?
I'm not scared of stupid rude bank manager.

 

[scylla]

Credit is typically granted based on assets / salary / credit history in Canada. Banks are allowed to decide for themselves who they give credit to, how much credit and what kind (i.e. secured vs. unsecured) based on the customer's profile. There is no law that states you must be given the same or better access to credit products than someone without PR status.

If you are unhappy with the service you are receiving I would call the bank's phone assistance line to ask if you can be approved for a different product. Alternatively, if that doesn't get you anywhere, you can always switch to a different bank.

 

[greeki78]

I'm very unhappy with TD.very poor customer service.whenever I call them I have to wait Atleast 15 minutes to speak to an agent.i already transferred all my money from td to RBc.i feel RBc has much polite staff than td.no offense but I feel very discriminated at td

 

[muffy1]

Hi Greeki,

I would recommend Scotiabank. I received a credit card with both TD and Scotia and the customer service with TD is rotten. I went to Scotia (they have programs for "newcomers to Canada" and their customer service, professionalism and personal attention has been wonderful, to say the least! I've switched my accounts over to Scotia and I would recommend Scotiabank over TD any day. Hope this info helps!

 

[iam_toby]

It's fun to read all this. Ppl recommending Scotiabank or TD. Well, I have super bad experiences with Scotiabank. They
wouldn't even give me a credit card. I came to Canada with well over $10k in my account, but no credit card from Scotiabank.
Switched over to TD. Got a secured card. And actually I don't care if my card is secured or not.

 

[Msafiri]

TD bank gave me a secured credit card by putting a hold on my savings account one year back.I'm a permanent resident and they are reluctant to remove the hold.A friend of mine came on student visa from India and got approved for $1000 credit and she doesn't even have a sin number yet.I find this very disturbing and would like to complain it to someone who can take action against TD.
The law of the land clearly states that Permanent residents and citizens should have more rights and benefits than others.Who should I report this matter to?
I'm not scared of stupid rude bank manager.

Apply for a standard/non secured credit card with a different institution e.g. Capital One or Presidents Choice. Use it for 6 months with ideally fully paid off balances. TD will likely be offering you deals after this. If you are really unhappy vote with your feet and take your cash somewhere else.

 

[Leon]

Every bank has had happy and unhappy customers and it is so often the case that the first bank you went to wouldn't give you a card but the 2nd bank did and that could also be because by the time you went to the 2nd bank, you had a job already and you were not as much as a credit risk or maybe they figured it was worth your while to steal a client from another bank to make you happy with theirs.

There's no point in trying to complain to someone about the bank. So maybe you are ticked off because you had good credit in old country and now you can't get even a lousy card with a $1000 limit. I felt much the same way. I couldn't get a credit card until I'd worked for a year. Just look at it this way. It took you time to build your credit in old country. It will take time in Canada too but once you are there, you'll have banks beating down your door trying to get you to take their cards.

 

[iam_toby]

Every bank has had happy and unhappy customers and it is so often the case that the first bank you went to wouldn't give you a card but the 2nd bank did and that could also be because by the time you went to the 2nd bank, you had a job already and you were not as much as a credit risk or maybe they figured it was worth your while to steal a client from another bank to make you happy with theirs.

There's no point in trying to complain to someone about the bank. So maybe you are ticked off because you had good credit in old country and now you can't get even a lousy card with a $1000 limit. I felt much the same way. I couldn't get a credit card until I'd worked for a year. Just look at it this way. It took you time to build your credit in old country. It will take time in Canada too but once you are there, you'll have banks beating down your door trying to get you to take their cards.

Agreed!

 

[lawgrrl]

CBIC offers a "newcomers" package that includes free (no fee) checking and a guaranteed Visa card. My credit limit was only $500 but it is a start! Once I've paid the card timely for 6 months and have a job past the probation period, I'll have no problem getting an increase in my limit. Whatever your credit history in your home country, it does NOT transfer to Canada.
American Express also offers cardholders in certain other countries (including UK and USA) a Canadian account. I can't copy the URL with my iPad but the program is called "global" something.
Credit is not a right!

 

[Bargeld]

We don't know the details of you and your friends financial/job situation, but most don't just look at your immigration status when a bank issues credit, they look at your job status / income, savings, and some type of proof that you pay bills. Canadian credit issuers are a bit more risk averse with handing out credit (like for CC's and car loans), far more so than the US lenders who will give credit to anything with a pulse, so it's important to keep in contact with the issuer (esp if it's a bank) and go the route of a secured card if need be at first.