Posted on: 29-04-05 17:26:22
Hi,
I have just landed in Toronto a week back. I will be here for the next one or two years and wanted to get a credit card. Most banks are refusing because I don;t have a credit history here. I have an International Credit card from HSBC as well as ICICI but I am not too sure about the charges on these cards for transactions made here. Is there any bank which would give me a credit card here?
What is the procedure for this
2 choices -
1. Try CIBC, I've personally experienced that (for my brother). 4 weeks in the country and they gave him a card with a $500 limit
2. Some banks ask you to keep a deposit (GIC) of around 500 to 1000 buck and then issue you a card with an equivalent limit. Try that route.
Good luck....
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Reiki Grand Master
even td gives a secured credit card. i find though that credit cards are rarely taken in many places and i havent used mine even though i have it.
they prefer the debit card. that again if u go for a cheap item less than 5 dollars they can refuse to take it, some places say that there is a processing fee.
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smile ...
Quote:
Orginally posted by familyman
Hi,
I have just landed in Toronto a week back. I will be here for the next one or two years and wanted to get a credit card. Most banks are refusing because I don;t have a credit history here. I have an International Credit card from HSBC as well as ICICI but I am not too sure about the charges on these cards for transactions made here. Is there any bank which would give me a credit card here?
What is the procedure for this
Since you have international cards from HSBC & ICICI, you should go to these bank's here and they would be in a position to verify your credit and may help you in giving a card though initially for a smaller limit.
If that does not work for any reason, then TD would give you a secured card but you would have to put a deposit with them for a minimum of 1 year. Having a credit card here and building a credit history is must in North America.
Good Luck
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Orginally posted by Pramod Chopra
Since you have international cards ..........
American Express is really good at this. If you have a card with them outside of North America, they have a pretty quick process to transfer the account to Canada.
Quote:
Orginally posted by michelle288
i find though that credit cards are rarely taken in many places .
Assuming you are in the GTA, that's an odd comment. Just about the only people who don't accept credit cards are the discount grocery retailers (like Price Choppers)!
Quote:
Orginally posted by familyman
Hi,
I have just landed in Toronto a week back. I will be here for the next one or two years and wanted to get a credit card. Most banks are refusing because I don;t have a credit history here. I have an International Credit card from HSBC as well as ICICI but I am not too sure about the charges on these cards for transactions made here. Is there any bank which would give me a credit card here?
What is the procedure for this
Secured card can be a good option (from TD Bank or Scotiabank). Every time you apply for credit card, a credit check is made that leaves an entry on your file with credit bureau, so don't apply for a whole lot of credit cards.
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