Credit Card - How to get one

[scarletsally]

Hi, does anyone of you know how can I get a Credit Card from a Canadian bank while I'm under a temporary visa?

The only process I know of right now is what my friend did: the bank asked him for a deposit, which in turn became his credit limit. If he leaves the country permanently, he won't get his deposit back. He gave $300 to the bank so his limit is also only $300. I wish there was another way to get one without giving a deposit?

 

[Leon]

If you get a secured credit card by giving them a deposit, I am sure you can get the deposit back if you hand in the card before you leave.

However, some foreign workers have managed to get regular credit cards. Usually banks in Canada want you to have had a job for a year before they will give you a secured card but you could try after 3 months which is the normal probation period at most jobs and see if they'll bite.

 

[job_seeker]

A member posted something about Capital One. You pay $75 (I think annual fee). Try "googling" Capital One.

 

[Anil_Toronto]

Hi, does anyone of you know how can I get a Credit Card from a Canadian bank while I'm under a temporary visa?

The only process I know of right now is what my friend did: the bank asked him for a deposit, which in turn became his credit limit. If he leaves the country permanently, he won't get his deposit back. He gave $300 to the bank so his limit is also only $300. I wish there was another way to get one without giving a deposit?

I had to face this similar issue when i came to canada. I did find TD Bank useful, even though that was the last of my bank accounts. You can open an account in TD, make it your salary deposit account..after 2 salary deposits from your employer go and request for a credit card. They might ask you details like your work background, pay, job offer letter and some more details but usually TD is much better in issuing credit cards.

Good luck!!

 

[scarletsally]

Thank you so much everyone! Your responses have all been helpful! I searched for "Capital One" and they specifically have "Guaranteed Approval" applications - within 5 mins I was done with the application and was told that they will be mailing my card to me in 7-10 days!

 

[scarletsally]

Thank you so much everyone! Your responses have all been helpful! I searched for "Capital One" and they specifically have "Guaranteed Approval" applications - within 5 mins I was done with the application and was told that they will be mailing my card to me in 7-10 days!

Actually they just mailed me another form, and required me to provide a security deposit of $300 for $300 card limit ~_~

 

[Leon]

Yes, that is what you call a secured card. Because you have no credit history, that might be all you can get.

 

[job_seeker]

Actually they just mailed me another form, and required me to provide a security deposit of $300 for $300 card limit ~_~

So did you pay $75 processing fee on top of your security deposit?

 

[scarletsally]

So did you pay $75 processing fee on top of your security deposit?

Yep, $79 annual fee actually. I'm thinking of getting it next month instead. I didn't realize that it's hard if you're just starting your credit here in Canada, everything would require you to give a security deposit, including phone plans and utilities!

 

[job_seeker]

Yep, $79 annual fee actually. I'm thinking of getting it next month instead. I didn't realize that it's hard if you're just starting your credit here in Canada, everything would require you to give a security deposit, including phone plans and utilities!

You've paid for whatever you're going to charge and then they charge you an annual fee!!!!! It seems we should be taking advantage of credit card offers that come in the mail then.

 

[scarletsally]

You've paid for whatever you're going to charge and then they charge you an annual fee!!!!! It seems we should be taking advantage of credit card offers that come in the mail then.

Yes! It's quite expensive ~_~ but once you've established your credit, they're going to give you tons of "free" useless credit cards lol

 

[Leon]

I never got a credit card until after I had worked for a year. When I arrived in Canada with my savings only and no job, they said you can't have a credit card because you have no job. After I got a job, they said you can't get one because you have not been working for a year. I was frustrated and applied for many different cards but eventually I gave up. Applying for many credit cards also shows on your record and can look bad. Looks like you are desperate for cash and applying for everything.

Eventually I was at a trade show and applied for a card to get a free pen or something and another to get a free t-shirt. The staff by one of them wrote down that I had been working for 11 months, the other wrote 1 year. The one who wrote 1 year, I got the card. It was a low limit, maybe $1,000 but before I knew it, I was getting swamped with offers for free credit cards with limits up to $10,000 each. When you need one, you can't get one and when you have one, you can get one zillion more that you don't need. I did however get offers of free cards with good interest rates from Capital One and MBNA.