First Credit Card

[Neil4Speed]

So, I am going to be turning 18 pretty soon here, I was just wondering if any of you guys had a good suggestion on a good first credit card. Obviously I don't have fantastic credit, and not a 6 figure bank account balance, so I want something reaosnably easy to get. My parents will most likely co-sign and they have reasonably good credit.

Any suggestions? Banks etc? something with nice perks possibly?

Any imput would be appreciated, thanks

[abyss]

Perks usually indicate an annual charge, I got a student VISA through CIBC, definately go for a student card if you're just starting and don't want to get a store card, like Canadian Tire, Ikea or the Bay, they're usually easier to get but come with killer intrest rates.

[Z_Fan]

Go to the Bank - get your own card - no Co-sign. Get any VISA card CIBC, Royal, whatever. Demand a $500 limit. Secure it if necessary...but don't get any other people involved. Pay it off EVERY month no matter what you spend on it. In full. After a year your limit will have gone up, within a couple years you'll have a huge limit and then you can get in real trouble. Enjoy!

My wife has a card ... hardly uses it ... puts like $40 a month on it. The limit has quadrupled from its original limit. Always pays it off each month. Now...She can buy a car on that thing.

[Ben]

Originally posted by Z_Fan
Go to the Bank - get your own card - no Co-sign. Get any VISA card CIBC, Royal, whatever. Demand a $500 limit. Secure it if necessary...but don't get any other people involved. Pay it off EVERY month no matter what you spend on it. In full. After a year your limit will have gone up, within a couple years you'll have a huge limit and then you can get in real trouble. Enjoy!

Word.

I personally hate CIBC VISA, but thats personal reasons. I'm with Scotia now, they rule.

[Aleks]

When I was 18 I got a Mosaic mastercard through BMO. it was a student version one. It turned out great because they gave me First home dollars every time I made a purchase. Over the years I accumulated $1500 and used that to pay all my lawyer fees and inspection fees and still had money left over after my house purchase. It's not much but it's "free" money.

[Z_Fan]

Whew! Just checked the statement and fortunately she didn't buy a car. Whew! Scared myself...

[Z_Fan]

I also hate CIBC VISA. Those morons put me through hell just to get a card. Eventually I left the dipshit bank and went elsewhere. Haven't looked back and cancelled my CIBC VISA about a decade ago. They had a bad attitude towards youngin' having credit. Which I thought was a piss poor corporate attitude since youngin's are the future customers...

Oh well, CIBC lost my business long time ago...

[BerserkerCatSplat]

Originally posted by Z_Fan
Whew! Just checked the statement and fortunately she didn't buy a car. Whew! Scared myself...

I'm sure she thinks the exact same thing every time your statement comes in. ;) :D

[Z_Fan]

She's searching for car part purchases. She knows all the vendors. Besides, the only car I ever bought on Credit Card was the SRT-4. But, I told her about it...after I bought it...that's still OK right?

[Xtrema]

Originally posted by Z_Fan
She's searching for car part purchases. She knows all the vendors. Besides, the only car I ever bought on Credit Card was the SRT-4. But, I told her about it...after I bought it...that's still OK right?

Dealer let you charge the whole car on your card? Did you agree to pay MSRP or something?

[BerserkerCatSplat]

Originally posted by Z_Fan
But, I told her about it...after I bought it...that's still OK right?

:rofl: Man-Logic : The dubious art of convincing yourself that something is perfectly logical and OK, even though you're the only person that's going to see it that way.

addendum: For logic concerning whether you can acutually afford something or not, see Man-Math.

[BebeAphrodite]

Ohh and also, when your parents 'co-sign' a credit card, it goes under their credit since they are the primary card account holder and it does not improve your credit.

I'd get a card through your bank branch. Easiest way to do it and also MBNA at the Universities give out cards left right and centre... only be prepared for a million calls to buy insurance at 6 am on Saturdays.

[AcuraTl]

ok neil...basically you have two choices...i know your at the u of c, so basically you could get the MBNA Mastercard, line of credit is 1500...and you get a free TSHIRT. These guys are right, if you want perks you will be getting slapped with a yearly fee...so just stick to the student card. The MBNA however doesent have online banking, so i cant regularly go online and see my purchase totals...i also have the TD VISA...line of limit is only 500 but i can see all my transactions that go on! GL with your decisions bro!

[stevieo]

first credit card i got was bmo mosaik, kept it for a while and it built my credit up great. but for the first credit card ask for a low limit.. i didn't and i ended up spending all my money haha.

[Xtrema]

Get a low limit card, then pay every expense thru it and paid it in full every month. Best way to build credit. Probably best to stick with where you have a saving account for easier transfer of payment.

Some cards with perks are free (AMEX Airmile/CIBC Dividend VISA/PC Mastercard) but they are harder to get for someone with low credit score.

[Weapon_R]

Neil, having a credit card is awesome. Get one of the BMO Mosaic cards using those applications from the U of C. Do not get an MBNA card - they have telemarketers that will call you consistently.

The BMO card has no annual limit, and they will approve you for a $500 limit. Once you've built up some credit and trust, you can apply online for greater limits. They give me an increase every year and a half or so, which is a good indication of decent credit. Keep on your payments, and you'll love having one. If you ever run into an emergency, you'll always have this widely accepted means to pay for something.

Be careful, as they can be very addicting. I used to think that it wouldn't happen to me, but its VERY easy to rack up $500 on a trip to the mall because you don't feel the impact of your purchases for months after. Actually, you don't ever really feel the impact of your purchases as making a monthly payment on the card is pretty easy (ie low monthly payments vs having $500 cash to buy some clothing)

[phreezee]

I recommend PC Mastercard to everyone I know. I've had it for 2 years and have gotten ~$800 back in points so far! If you're going to use a CC, you might as well get something back for it!

[kaput]

.

[Vagabond142]

Originally posted by phreezee
I recommend PC Mastercard to everyone I know. I've had it for 2 years and have gotten ~$800 back in points so far! If you're going to use a CC, you might as well get something back for it!

:werd: :werd: I used to have an ATB Mastercard, was hell. Switched everything (banking, chequing and masercard) over to PC Financial and they give you awesome perks for no charge. For example, fill up at a Superstore gas station using the PC Financial MC and you get a coupon for money off a purchase (7c/L) at Superstore. I've bought a couple of dvds and lots of socks and undies and only had to pay ~25 cents for each because of all the couponage I get :bigpimp: (being a student, money matters)

Also, you get PC points which can be applied to pretty much anything at superstore and online. And they are NOT anal about how you use your points. :thumbsup:

[Xtrema]

Originally posted by phreezee
I recommend PC Mastercard to everyone I know. I've had it for 2 years and have gotten ~$800 back in points so far! If you're going to use a CC, you might as well get something back for it!

PC Mastercard is tough to get for people starting out and has no credit history. But it's a pretty good one if you shop at Superstore for groceries. Basically it's 1% back with no waiting. As long as you have more than $20 in points, you can spend it.

[Ripper]

I'm with TD. I just logged onto my web banking, reviewed the credit cards they offered. Decided to stick to the student card. Filled out an online form and within 2 weeks I had a credit card with 500 limit. The whole process took about 5 minutes (except for reading about each card).

Its all setup online with my TD account so I can pay it off online super easy.

How long does it take for your limit to auto-raise?

[Blue-Wolf]

Usually 1 year, with no late or missed payments

[Payner]

Always establish credit with a bank and have a good relation ship with a bank it will help you in later years

[3G]

PC wouldn't give me one :thumbsdow now im with RBC and i got a 3000 limit :D

[Carfanman]

Originally posted by BerserkerCatSplat


:rofl: Man-Logic : The dubious art of convincing yourself that something is perfectly logical and OK, even though you're the only person that's going to see it that way.

addendum: For logic concerning whether you can acutually afford something or not, see Man-Math.


:rofl: :rofl: Not to be confused with
Woman logic: The dubious art of convincing yourself that its okay to have a supersized chocolate fudge cake in one meal, as long as you have a diet coke with it, because they cancel each other out.
I guess that's sort of woman math, as well.

This isnt really related to credit cards, but it is related to logic of the sexes.

[shakalaka]

My first one was the Royal Bank Visa with the limit of $1000. Didnt even really need one but just went online and filled out the form and got a mail saying come to the bank and get the card. Used like no tomorow, but paid it off everytime in full without passing the due date. Then got a Mastercard with the starting limit of $500, same story for this one as well. However I used this one for my online purchases since it was an e-bay mastercard. But it has been a year and since then and my Visa limit has gone up to $5000 and $2000 for my Mastercard. Didnt really care as I didnt make any big purchases anyways, but it was good to see them go up. Since I have been here in Scotland, applied for a Visa got it but with the limit of 250 pounds, lets see how high this one goes. I think you should get the Visa/Mastercard with whichever bank you are associated with, and I didnt have to get anyone to co-sign it or anything.

[WWJAI]

My first credit card when I hit 18 was a Canadian Tire credit card. They gave me a $1000 limit and within 3 months, I got bumped up to a $2600 limit. I paid off all my expenses in full each month whenever the bill came in. Overall, if you just want a credit card to gain some good credit and you do plan on paying all your expenses in full each month, it won't matter to much as long as one day you don't get yourself in a shithole by having to pay up for some shiet. Along with company credit cards like Canadian tire, superstore, bay, etc, its good to get some perks with it like money usage toward the stores.:thumbsup:

[Neil4Speed]

Thank you all for your imput, you helped me out so much! I also appreciate the caution with getting your first credit card, I can understand that you must be pretty careful about your habits etc.

I am looking probably at a TD Visa Card just for the online banking system which makes things super easy.

Might also get a BIMO Mosaic Card> now debating between the Air mile Perk or the 0.5% Cash back perk. I am personally thinking Air Mile as $0.50 on ever $100 doesn't seem too great.

Any input on Amex cards? Not generally recommended?

[urbannomad]

Originally posted by AcuraTl
ok neil...basically you have two choices...i know your at the u of c, so basically you could get the MBNA Mastercard, line of credit is 1500...and you get a free TSHIRT. These guys are right, if you want perks you will be getting slapped with a yearly fee...so just stick to the student card. The MBNA however doesent have online banking, so i cant regularly go online and see my purchase totals...i also have the TD VISA...line of limit is only 500 but i can see all my transactions that go on! GL with your decisions bro!

Thank you master!:rolleyes:

[Weapon_R]

AMEX sucks because its not as widely accepted, has the highest interest rates and a yearly fee. I don't see the fascination with it, but maybe its bigger in the U.S.

You can get the BMO Mosaic card which also has online banking, and first home dollars that you can put towards your first home. They add up over a while.

[t-im]

Originally posted by Neil4Speed
Thank you all for your imput, you helped me out so much! I also appreciate the caution with getting your first credit card, I can understand that you must be pretty careful about your habits etc.

I am looking probably at a TD Visa Card just for the online banking system which makes things super easy.

Might also get a BIMO Mosaic Card> now debating between the Air mile Perk or the 0.5% Cash back perk. I am personally thinking Air Mile as $0.50 on ever $100 doesn't seem too great.

Any input on Amex cards? Not generally recommended?

Do the airmiles, that's what I have on mine! I just connect it to my parents airmile account, because it takes a long time to accumulate.

I have a few cards but I find I use my BMO Mosaik the most...it must be the superstore thing since they don't normally take Visa.

I have an Amex, AMEX isn't that big around here vs. the States. I got mine just because I get additional discounts in certain stores...but I don't use it for much else.

When getting a card, check what kinda benefits it may have (or you need) for it. I got a Citibank Platinum card because it has included travel insurance on it without any additional fee's.


Originally posted by Xtrema


Dealer let you charge the whole car on your card? Did you agree to pay MSRP or something?

Yes, most dealers will lift their 'restrictions' and let you pay full with card if you ask them.

[Neil4Speed]

Just a quick note to everyone.

I was just checking out some of the Citibank cards.

The Drivers Edge card seemed pretty interesting 2% cash back for the purchase of a car used or new.

Also their Citi Mastercard is providing better cashback than a BMO mosaic card without a annual fee.

http://www.citibank.com/canada/cards/english/overview.htm

[FiveFreshFish]

Originally posted by Weapon_R
AMEX sucks because its not as widely accepted, has the highest interest rates and a yearly fee. I don't see the fascination with it, but maybe its bigger in the U.S.


I used to have a Platinum Amex over 10 years ago, way before every other card company issued a platinum card. Best thing was that it gave you a free companion ticket on Canadian Airlines (which of course is long gone) and free airport lounge access. I got a voucher for a free plane ticket once a year, equal to the one I bought whether it was first class or economy.

The annual fee was $350 to carry the Platinum Amex, but well worth it to me at the time they had the companion ticket thing. For most people who use it, the no preset limit and annual spending summary reports are the big draw.

[Goblin]

Originally posted by Z_Fan
Go to the Bank - get your own card - no Co-sign. Get any VISA card CIBC, Royal, whatever. Demand a $500 limit. Secure it if necessary...but don't get any other people involved. Pay it off EVERY month no matter what you spend on it. In full. After a year your limit will have gone up, within a couple years you'll have a huge limit and then you can get in real trouble. Enjoy!

My wife has a card ... hardly uses it ... puts like $40 a month on it. The limit has quadrupled from its original limit. Always pays it off each month. Now...She can buy a car on that thing.

I have tried to get 5 cards since I turned 18. Declined on every single application.

I have now given up

[t-im]

I thought it was bad to keep reapplying if you were initially declined..

[Goblin]

Thats why I have given up. 3 visas and a mastercard. meh, dont need one. :guns:

[turbotrip]

^lol what did u do? it literally took me about 45 seconds to get mine, with less than $100 in my TD account. I just went in and said I need one, the guy asked what limit i was looking for, I said whatever, he told me i'd get my card in the mail in 2 weeks with a $500 limit. :dunno:

[Shaolin]

I started out with a Visa Classic from CIBC with a 500 dollar limit that my mom co-signed when I was 18.. I used that card until i got a full time job and then I got my own.. All the perks require annual fees or some type of fee.. so if you can't afford the annual fee of like 120 a year on top of your monthly spending then don't bother.. besides when you get a better paying job you'll have no problem getting cards with good perks.

[Z_Fan]

Originally posted by Goblin
Thats why I have given up. 3 visas and a mastercard. meh, dont need one. :guns:

Take $500 to the bank with you. Tell them you want a secured VISA and here's your money to secure it. Get a card with a $500 limit and you're done.

Or go without.

Credit is a bad thing anyhow.

Hmmm...I just realized if I pooled my available credit I could go buy a new Z06 Vette. See, that's why Credit is a *BAD* thing.

[lastprodigy]

ever heard of the no-limit credit card :D?

[Goblin]

Originally posted by Z_Fan


Take $500 to the bank with you. Tell them you want a secured VISA and here's your money to secure it. Get a card with a $500 limit and you're done.

Or go without.

Credit is a bad thing anyhow.

Hmmm...I just realized if I pooled my available credit I could go buy a new Z06 Vette. See, that's why Credit is a *BAD* thing.

lol true.. the money is secured for 3 years tho, dont want to do that

[Nova316]

Your best chance to get a VISA is through your bank. If you currently dont have a job, your gonna get declined.

I got my Visa through TD even tho it was a baseline one, the best thing is no annual fee.

Ill upgrade it later, but i tried other sources and got rejected.. probally applying for a gold TD card wasnt the best choice

But other then your bank and a student card
Those are about the only 2 u can get

[gatorade]

:(, i applied for 1 pc financial visa, and 2 student visa's got declined every time.

The reason is my student loan that went in default that I am now paying off, didn't know there was two portions, next thing I know a year later I receive a letter saying i owe money, bastards :(

[/////AMG]

I went with HSBC, student account it's CC and Debit card, I never use the Credit card...ever. Is that a good thing or what?
I alway shave th eurge to take out the money from my debit account and pay cash, dunno why.:dunno:

[statick]

to get a TD or cibc one or wutever u mite need a job man. the lower end TD one will allow you to have a $500 limit, and the cibc one will give you a $1000 limit. (not sure who your bank is, but just try getting either of those)

you can't go wrong getting the MNBA student card from UofC though, $1500 limit and it has the same interest rate as the other low end credit cards and no annual fee...since u r a student it should be a lil easier to get.

[Z_Fan]

Originally posted by lastprodigy
ever heard of the no-limit credit card :D?

Yes. Used to have one. But it's really not no-limit. It is at first, but as soon as you don't pay it off they will set a limit on you. Been there, done that.

[BebeAphrodite]

Originally posted by statick

you can't go wrong getting the MNBA student card from UofC though, $1500 limit and it has the same interest rate as the other low end credit cards and no annual fee...since u r a student it should be a lil easier to get.

Ooo.. I think that the constant calls for insurance is what's wrong w/ this card... non stop even when you ask to get removed off the list. They like to call early... alll the time!

[Ajay]

I don't know why some of you guys don't like CIBC. I've been with them for YEARS and they love me.

Started off with a Classic Visa Student Card that gave me a $500 limit and now I have the Aerogold Visa with a substantially increased limit from the original $500. Just have to make sure you stay on top of the payments. I honestly carry a balance every single month (not high) but I see limit increases twice a year from CIBC. Three times a year if I call one in. They're good to me.

Capital One is another credit card provider you can look into. Capital One has a secured card. As long as you provide the required funds you're gauranteed approval for the card. It's more designed for people that had credit and are trying to re-build it though. They sent me a Gold version of their card a couple weeks ago and I honestly don't remember applying for it.

[Kirbs17]

Get a mastercard mosaic through ATB, its what I use, and it works perfectly for me

[D'z Nutz]

Originally posted by Ripper
How long does it take for your limit to auto-raise?

Why bother waiting for a raise in limit? Just call in and ask for it. It only takes a couple minutes. Last time I did it, they didn't even have any problem adding on an extra 10G's to my limit. You'll get a higher raise if you ask than if you wait for them to give it to you.


Originally posted by Z_Fan
Credit is a bad thing anyhow.

Hmmm...I just realized if I pooled my available credit I could go buy a new Z06 Vette. See, that's why Credit is a *BAD* thing.

Credit's not a bad thing. Poor self control is!! Hahaha!

[Xtrema]

Originally posted by gatorade
:(, i applied for 1 pc financial visa, and 2 student visa's got declined every time.

The reason is my student loan that went in default that I am now paying off, didn't know there was two portions, next thing I know a year later I receive a letter saying i owe money, bastards :(

Stop trying to apply. I'll look bad when you got all those decline letters.

Get a credit score checked before applying next time. It's free by snail mail.

[Joon]

Royal bank classic. No annual fees.
You earn reward points for every $2 of purchases. Afterawhile, you can trade them in for things like 50, $100 gift certificates for places like futureshop.

[BebeAphrodite]

Originally posted by Joon
Royal bank classic. No annual fees.
You earn reward points for every $2 of purchases. Afterawhile, you can trade them in for things like 50, $100 gift certificates for places like futureshop.

I think that the reward is pretty bad that that card. I just remembered I had points and 8400 points only got me a $50 gift card cuz 3000 points gets $25. But at least there are no annual fees and it was a pretty easy to get.

[Z_Fan]

Get a Royal Platinum Avion Card if you like flying. $1 = 1 point. Usually sign - up bonus too. Or wait for a promo.

[colinderksen]

Make sure to max it out quickly.

[gatorade]

Originally posted by Xtrema


Stop trying to apply. I'll look bad when you got all those decline letters.

Get a credit score checked before applying next time. It's free by snail mail.

yes, ive already given up, im just going to wait till I get my loan paid off.

[lastprodigy]

Originally posted by Z_Fan


Yes. Used to have one. But it's really not no-limit. It is at first, but as soon as you don't pay it off they will set a limit on you. Been there, done that.

lol yeah it is..haha i dont know. my parents have one....but its just used as a conveniance and always is paid immediately haha....

[Goblin]

Everyone is like, need a job, get a job, must have a job.

Ive been at my job now for 1 year and 2 months. They can see i have a steady income..

I hate banks. My TWIN brother got one from TD.. My car is worth more than his (for back up whatever that word is.. argh cant think of it), i get paid 3 dollars an hour MORE than him... fuck i hate td right now. They give me all these BS excuses to why they hold CERIDIAN checks... "suspicous" i hate them

/rant

[t-im]

Originally posted by Goblin
Everyone is like, need a job, get a job, must have a job.

Ive been at my job now for 1 year and 2 months. They can see i have a steady income..

I hate banks. My TWIN brother got one from TD.. My car is worth more than his (for back up whatever that word is.. argh cant think of it), i get paid 3 dollars an hour MORE than him... fuck i hate td right now. They give me all these BS excuses to why they hold CERIDIAN checks... "suspicous" i hate them

/rant

Collateral?

[lastprodigy]

oh yea for you taht cant get one i got 3 so prob...mbna, mosaik, and visa...no job and in uni

[AcuraTl]

Originally posted by colinderksen
Make sure to max it out quickly.

O RLY?

[kaput]

.

[Goblin]

Originally posted by t-im


Collateral?

omg yes thank you. driving me nuts all night

[CanadianBoy69]

i turned 18 in feb and i applied for a PC mastercard i thought wow since i work there i might get it but was i wrong those bastards are so stingy about who they give a card to and wut not


so then recently i applied for a BMO mosaic from bank of montreal and i love it no annual fee one airmile for ever 40 bucks i spend on it, the interest rate is kinda high and for a first credit card they gave me a 1000 limit which i love, but i usually dont spend alot on my card i use my card between paydays and if i no im gonna make 500 then thats all i use, i pay it off between paydays so twice and month and ive had no problem with them or there customer service i love the card

definatly get that

[cman]

Originally posted by stevieo
first credit card i got was bmo mosaik, kept it for a while and it built my credit up great. but for the first credit card ask for a low limit.. i didn't and i ended up spending all my money haha.
werd, i got a royal bank Visa. i always paid it off every month, only thing is i spent allmy money in doing so.
just be careful!!!!

[pr0]

CIBC will give you a Classic VISA with no hassle. I have one; as well as a BMO Mosaik. I have a large limit on my VISA which I just recent paid off. Its good to have because school isn't cheap. Especially when your parents are poor and don't help you with shit.

What you don't want to do is get your parents to co-sign. Like the others said; you don't even have to be 18 to have a credit card under your name if they are going to co-sign. It won't help your credit rating either.

[B20EF]

Make sure you DONT get a second rate credit card. If you get a credit card with any store like The Bay, Canadian Tire etc. it actually hurts your credit rating.:thumbsdow

If you don't believe me phone The Bank of Canada.

[Goblin]

What do you mean? Second rate credit card?

Do you need to have an account with BMO to get a card?

[B20EF]

^^^What I mean is only get a credit card with a large bank, not one with any store. The logic is they assume you're getting a credit card with a place like Canadian Tire because a real bank turned you down. It's probably not the case 90% of the time, but thats their logic.

If you want a credit card with BMO than yes you probably need an account, I have bank accounts where I have my credit cards.

[dub_c]

I turned 18 in March of this year, and I got a credit card in May. I applied for one online threw the Royal Bank, and it doesn't ask if you want a limit, and me not concerning I just wanted it badly. Well, I maxed it out ( $2800 ) and I still got $1700 left. 18% interest is a kick in the nuts too, so just make sure you get a limit.

[Z_Fan]

When I got my first credit card, I don't even know what the limit was, probably about $2500. (Just guessing) Over a period of a few years, the limit just kept getting increased. I never asked for an increase, it just kept happening.

Eventually the limit on the card got to $13,500.00. I was just 21 or 22 and therefore still stupid. ;) So naturally I racked it up. I had minimum payments of several hundred dollars, but due to the interest rate of (insane) the balance basically never went down by much each month. I calculated that it would take me 15 *YEARS* of payments to get out of debt.

That was a long time ago, and fortunately I was bailed out by a family member who gave me a zero percent loan which I had to pay back - and that took just FOUR years of $275/mo. Oh, the good old days.

The other disturbing factoid about credit limits is that they cause a negative effect on your TDSR as the entire limit of the card (not just the balance) can be used against you when determining your debt service ratio. This is bad news if you have high credit limits (even if you don't use them) and are seeking a loan from a bank. Something to keep in mind.

Bottom line, credit cards are fine and dandy, but a line of credit with the bank is where it's really at. Very low interest rate by comparision.

[DanDB64]

Poor self control is what messes people up with credit. When you are older you will be able to handle a high limit. If you just turned 18 I would recommend getting a $500 limit so that you don't get yourself in a pickle and end up filing bankruptcy when you turn 19.