Unsecured credit card

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l5a
Member since: Jan 05

Posts: 219
Location: Mississauga
Post ID: #PID

Posted on: 08-03-06 12:33:55

Quote:
Orginally posted by raajen
Any other suggestions?
Thanks.

If you have a direct-deposit with any bank, bargain for unsecured credit card. I got the same from cibc.

raajen
Member since: Sep 03

Posts: 434
Location: Canada
Post ID: #PID

Posted on: 08-03-06 15:48:53

Hi,

Any experiences of getting unsecured credit cards from Credit unions?

Thanks.

lana2005
Member since: Feb 06

Posts: 545
Location: Toronto
Post ID: #PID

Posted on: 08-03-06 22:16:15

Quote:
Orginally posted by dimple2001

Try MBNA Canada. http://www.mbna.ca" rel="nofollow">LINK

MBNA is spread in US/Canada/UK and they may be able to check your US history.

Does anybody has any experience with MBNA credit card? Can you please share your experiences.

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 08-03-06 23:10:39

Quote:
Orginally posted by raajen

Hi,

We moved from US a couple of weeks back and we have good credit history in US.

When we approached TD bank for unsecured credit card, they say that I have to get secured credit card only as they can't access US credit history.

Any advice/suggestions to get unsecured credit card? (I don't have AMEX card).

As we are planning to buy a house at the earliest, if I get secured credit card now, will I have problem in getting mortgage?

Thanks.

Hi Raajen,

You mentioned that you just moved from US. Did you transfer on the same job as you were doing in US? If yes, then you should not have any problem in getting an unsecured credit card. However, even if you get a secured card, it would start your credit history in Canada and would help in getting a mortgage.

If the corporate card is in your name and you pay the bills and later on get the reimbursement from the company, it would also help you in building Canadian Credit history. In any case, it is helpful in getting other cards later.

However, most of the banks have new immigrant program where in you can put anywhere between 10% to 35% down payment (subject to certain conditions) and you can get a mortgage. However, with a 35% down payment you would not even need a Canadian credit history or a permanent job here.

Sincerely,

Pramod Chopra

-----------------------------------------------------------------

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

raajen
Member since: Sep 03

Posts: 434
Location: Canada
Post ID: #PID

Posted on: 09-03-06 12:11:47

Thanks, Pramod.

lana2005
Member since: Feb 06

Posts: 545
Location: Toronto
Post ID: #PID

Posted on: 09-03-06 18:23:17

Pramod,

i have a question for you. Typically after New Year you get lot of forms sent by credit card companies where you are automatically approved. MBNA sent me a form for a new credit card. Their offer was transfer the balances from other credit cards and they will charge 1.9 % for 10 months. I want to use that form and apply for a credit card. And withdraw a hefty sum of money for major renovations. I plan to pay off this credit card debt in 10 months. So basically, i am trying to get a loan for 10 monts at a very low rate of interest.

Can this work? Are there any hidden fees? Or any hidden cluauses that I should look for?

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 09-03-06 19:00:56

i have a question for you. Typically after New Year you get lot of forms sent by credit card companies where you are automatically approved.

>>>>>>Is it only after New Year? I get loooots of junk offer all year long.

Anyway, those offers are PRE-APPROVED. Not approved. Once you fill in the apps and send it out, they do more checks.

MBNA sent me a form for a new credit card. Their offer was transfer the balances from other credit cards and they will charge 1.9 % for 10 months. I want to use that form and apply for a credit card. And withdraw a hefty sum of money for major renovations. I plan to pay off this credit card debt in 10 months. So basically, i am trying to get a loan for 10 monts at a very low rate of interest.

Can this work? Are there any hidden fees? Or any hidden cluauses that I should look for?

>>>>>>> Things to watch out for:

1. Is the low interest rate for balance transfer from other credit cards or is it for writing yourself a "convenience" cheque?

2. Withdrawing or writing yourself a credit card cheque may carry fee of certain percentage or certain dollar amount.

3. What happens after the 10 months if you are unable to payoff? What is the interest rate then? Also, is the interest calculated on the remaining balance or on the original amount?

Best thing is to sit, relax and read all the fine print and see what it would actually cost. Few offers are good while most have strings attached to it. Be wary.

Hope this helps.

-----------------------------------------------------------------
Dimple2001

Contributors: lana2005(6) naudurivsm(6) raajen(5) rajcanada(3) dimple2001(3) tamilkuravan(2) Pramod Chopra(1) morning_rain(1) onestop(1) l5a(1)

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