Posted on: 09-03-11 21:55:38
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
Quote:Yes, absolutely, esp. if you plan to living here long term.
Originally posted by MEGHADOOT
1) Is it necessary to get one?
Quote:Depending on what you mean by "free"
Here in gulf one can get credit card for free.
yes there are "free" credit cards here as well i.e. no annual or monthly fee.Quote:Depends on the card, if you choose to get a fee based card.
How much I will be paying for credit card as fee?
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:No bank charges fees of opening an account - who has been telling you all this?
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?
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"
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).
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.
