Hi CD's
I have a question about MasterCard. It'll be helpful if experts / CD's can comment on following points.
1> someone suggested it effects your Credit history if you have MasterCard in addition with VISA. At the time you apply for loan / Line of credit, they check how many credit card you have/use.
Is it true, ? 
2> Petro Canada offers MasterCard which has some other benefits too http://retail.petro-canada.ca/en/petropoints/167.aspx , any one have experienced extra charges on this card in billing (or one time charges)?
Thanks in adv
Location: Canada-Glorious and Free
Posted on: 04-11-07 22:51:57
Quote:
Originally posted by frnd
1> someone suggested it effects your Credit history if you have MasterCard in addition with VISA. At the time you apply for loan / Line of credit, they check how many credit card you have/use.
Is it true, ?
True and not true. True because it affects how much debt you can carry with your income. Not true because it does not matter if they are two masterdards, or mastercard and visa or any combination.
Quote:
Originally posted by frnd
2> Petro Canada offers MasterCard which has some other benefits too http://retail.petro-canada.ca/en/petropoints/167.aspx , any one have experienced extra charges on this card in billing (or one time charges)?
Thanks in adv
extra charges?? No since the system has become electronic, I have not had many problems with mis-charges. I have NEVER had charges that I did not put there myself.
v
Hi V,
Thanks for your reply. Does number of cards really proves how much debt one can carry? In the other words is it good to spend $300 using VISA and $300 using MasterCard (or any combination) then spending $600 in total using single card (any)?
Quote:
True and not true. True because it affects how much debt you can carry with your income. Not true because it does not matter if they are two masterdards, or mastercard and visa or any combination.
Location: Canada-Glorious and Free
Posted on: 05-11-07 16:20:59
Quote:
Originally posted by frnd
Thanks for your reply. Does number of cards really proves how much debt one can carry? In the other words is it good to spend $300 using VISA and $300 using MasterCard (or any combination) then spending $600 in total using single card (any)?
How many credit cards you have do not mean anything. The total credit limit from all of the cards will play a role. Some banks look at the total limit on your credit cards. It does not matter the brand, Visa, Mastercard, Corporate cards, etc. Especially in cases of new immigrants where there is no large credit history. The banks assume you take out the your full limit on your cards. The interest plus the minimum principal of 2% are added to your mortgage payment. This cannot exceed one-third of your gross income. After some sufficient history, they look at your avg credit card spending and use that for the calc as opposed to full credit limit.
V
