Back to Home PageWelcome Guest! Register | Login | Home | Contact Us | Site Map | Advertise | FAQ | Search
Canadian Desi
    Charcha


        
  Canada Immigration Forum > About Canada > Financial Planning > Credit Card and Banking
Last Post | Newest Post
 
< [ 1 ] >

Credit Card and Banking




Hi Friends,

I will be moving in May to Calgary. I was concerned about credit cards and Banking

1) Is it necessary to get one? Here in gulf one can get credit card for free.
How much I will be paying for credit card as fee?

2) I heard that banks charge money to open an account and there is fee.
is it true? which bank is recommended for new comers to deal with?

Regards


 
MEGHADOOT

Junior Desi
Member since: Aug 10
Posts: 20
Location:

Post ID: 180304 09-03-11 21:55:38
Report Abuse
pratickm
Global Moderator
Member since: Feb 04




Posts: 2824
Location: Toronto


Quote:
Originally posted by MEGHADOOT
1) Is it necessary to get one?

Yes, absolutely, esp. if you plan to living here long term.
Quote:
Here in gulf one can get credit card for free.
Depending on what you mean by "free" :) yes there are "free" credit cards here as well i.e. no annual or monthly fee.
Quote:
How much I will be paying for credit card as fee?
Depends on the card, if you choose to get a fee based card.
Fee cards normally offer more rewards than non fee cards or have more flexibility and higher limits than non fee cards.
On average, fee is anywhere between $79 - $129.
Of course there are premium cards with even higher fees.
Quote:
2) I heard that banks charge money to open an account and there is fee.
is it true? which bank is recommended for new comers to deal with?

No bank charges fees of opening an account - who has been telling you all this?
There are monthly fees for certain types of checking accounts, depending on how you use it.
The retail banks like TD, RBC, Scotiabank, BMO etc. offer checking accounts wherein you can avoid a fee by staying within a limited number of debit transactions every month and/or maintaining a minimum balance (usually $1,000 or $1,500).
There are online only banks such as PCF and ING that offer unlimited, no fee checking accounts.

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

 
Post ID: 180315 10-03-11 10:24:16
Report Abuse
GlobalIndian
Senior Desi
Member since: Apr 07




Posts: 158
Location: NB

Rejected by All major banks!
Ever since I moved from the US in 2005, I have applied (sometimes repeatedly) to ALL major Canadian banks and always got rejected! their reason: no past credit history! There were various suggestions: buy a pre-paid card, or leave a large security deposit (collateral) and so forth. I haven't moved much around the country, save for occasional trips to Montreal or Toronto so never felt the real need for these cards. I have a CIBC debit card and they have ATMs in most places so I have been making do with this. I think it may be a good idea to get a card from Gulf and then possibly use it here in the beginning to create credit history and make the move to a Canadian bank card. Not having credit card may save you from fickle-minded purchases (debit card is not accepted by some places).

 
Post ID: 180317 10-03-11 10:46:33
Report Abuse
ashedfc
Senior Desi
Member since: Jun 10




Posts: 2153
Location: GTA


Quote:
Originally posted by GlobalIndian
I think it may be a good idea to get a card from Gulf and then possibly use it here in the beginning to create credit history and make the move to a Canadian bank card. Not having credit card may save you from fickle-minded purchases (debit card is not accepted by some places).


Gulf Credit card use will not build credit history here in Canada. And there will be currency conversion cost, which is very prohibitive.
The most ideal way is to get a $1000 reedemable GIC (so your money is not tied to a penalty, when you redeem your GIC), & pledge it to get a Secured Credit Card, with $1000 limit. This way basically you are using your own money, but in a credit card format. This use gets reported to credit rating agencies (Transunion/Equifax) & there you build your credit history, which is very helpful for all future financial purpose.


 
Post ID: 180320 10-03-11 11:18:04
Report Abuse
jigz787
Senior Desi
Member since: Aug 04




Posts: 772
Location: Toronto


Quote:
Originally posted by GlobalIndian
I think it may be a good idea to get a card from Gulf and then possibly use it here in the beginning to create credit history and make the move to a Canadian bank card.


I don't think that is a good idea.
When you use Gulf CC here, you will pay high exchange rates and interest fees. Moreoever,AFAIK, it will not hlep to create any credit history. Credit file/history in Canada is build on your job (income) / properties (house) / SIN / tax returns ... etc etc..
Quote:
Originally posted by GlobalIndian
Not having credit card may save you from fickle-minded purchases (debit card is not accepted by some places).


No, it is the 'credit card' that is not accepted by many places, debit card is more accepted than credit card. India Grocery stores for example.


 
Post ID: 180321 10-03-11 11:31:40
Report Abuse
< [ 1 ] >
 
Show Printable version
Send this page to a friend
Add to favorites
 



 
Web
CanadianDesi
Please Contribute!
Write an Article
Send Community News
Create Photo and Video Albums
Submit Good Pictures
List Useful Websites
Post Jobs
Submit Events
List for FREE!
Businesses
Classifieds
Social Organizations
Religious Places
Employment Agencies
Email Page
Your Email
Friend\'s Email

Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.
//-->