Credit Cards

[xDiMSuMx]

hey guys
i've decided that i need a credit card but i don't know which one to go with
Visa? Mastercard?

i was looking around on the net and found this offer too
http://www.rbcroyalbank.com/online/starbucks/index.html?ASC=SBUX13
no annual fee, 30 bux free for starbucks just for signing up

anyone know of any good deals?

[abyss]

CIBC will give a student card to almost anyone. Great way to work up credit. No annual fee, but interest rate is 18% (you won't find much cheaper than that anyway) Usually it's easiest to get a card from the bank you do business with, bill payments go through faster and it's easier to keep everything organized.

[wildrice]

Originally posted by abyss
CIBC will give a student card to almost anyone. Great way to work up credit. No annual fee, but interest rate is 18% (you won't find much cheaper than that anyway) Usually it's easiest to get a card from the bank you do business with, bill payments go through faster and it's easier to keep everything organized.

Same with RBC.
They have a student visa that gives 18% interest and no annual fee.

[xDiMSuMx]

yea i'm with RBC for banking right now
they did send me one of those 'pre approved' letters with the 18% and no annual fee but there's no bonus for using it

like with the starbucks card (also with rbc) they give 1% back in starbucks dollars

i want something that i can earn stuff with

[xDiMSuMx]

anyone using the superstore one?
where u can earn money back for groceries?

[QuasarCav]

WTF??

I have a scotia VISA and pay 9.9%.

Usually a lower interest rate comes with a yearly fee. I could either have 8.9 or 9.9, the 8.9 has a 29/year fee. Since I dont really carry a balance I chose the 9.9%.

You can get them to waive the first years fee if you are new at the bank but ask the branch you deal with what the best deal is.

[lookingforwork]

For 100% approved go with capital one which is mastercard! high interest though!

[Shaolin]

if it's your first credit card and you just need it as a student card, then get one that doesn't charge annual fees.. Most of the cards I know that give rewards usually charge an annual fee..

[DJ Lazy]

Credit Cards are the devil...

I got in trouble once in the past, got myself out... and have just recently gotten f***ed again... I just cut up all 3 that I had, and am now in the process of paying off, close to 9G in CC debt..

IF I choose to get one in the future. Max limit is $500-1000.


However. back to your question.

I would recommend a Scotia Visa, that is what I had (1 of 3), and I had the choice between 8.8% or 11.1%, No annual fee. lowest interest rates I have found.

You may also want to check out a Line of Credit as well. :dunno:

[ecstasy_civic]

Originally posted by DJ Lazy
Credit Cards are the devil...

I got in trouble once in the past, got myself out... and have just recently gotten f***ed again... I just cut up all 3 that I had, and am now in the process of paying off, close to 9G in CC debt..

IF I choose to get one in the future. Max limit is $500-1000.


However. back to your question.

I would recommend a Scotia Visa, that is what I had (1 of 3), and I had the choice between 8.8% or 11.1%, No annual fee. lowest interest rates I have found.

You may also want to check out a Line of Credit as well. :dunno:

I dont have a credit card for that reason, when I was 18, I was approved for a $10,000 limit and well, I used it:D and didnt pay it back lol

It was all looked after within a few months, but the thought of being in debt scares me, so I just pay cash for everything now.

[ninjak84]

Originally posted by wildrice
Same with RBC.
They have a student visa that gives 18% interest and no annual fee.

I use a Royal Bank student visa too, and it's perfect for me.
I use it for about $500 a month, then pay it off completely.

Great way to build up credit.

Just keep your balance low, and only buy what you can afford. People forget that using a credit card is still using your own money. You're just borrowing it from someone with no face....

[BumpinTalon]

I keep meaning to get a credit card, but I'm scared of the debt thing too. plus, I wouldn't use it for much, maybe parking at SAIT every once and awhile. maybe one porn site hahaha
my bank (scotiabank) offered me a pretty good rate. There is no reason to not pay an annual fee, shit, for $29/year a 1% lower interest rate would pay for itself very quickly.

[BokCh0y]

i would get one of each. i have been to some places that only except one or the other. superstore only excepts mastercard for grocery purchases whereas co-op and safeway take them all. might also be a good idea to get an american express too. i use my amex for travelling such as booking hotel rooms and rental cars. i'm not sure but my wife was yapping something about amex having better insurance coverage or something!?! :dunno:

just don't use all 3 of them or you'll be in serious trouble :D

EDIT: forgot to mention KEEP YOUR LIMIT LOW on all of them. When i first got mine it was only for gas, then parking, then i remember buying a new TV and saying "mmmm $500 for the TV I can pay that off like $100 a month" when I got my statement it was like $3000. Fucked me royally. But yeah 1 of each with a LOW limit is the best way to go.

[BebeAphrodite]

The bmo mosaik mastercard gold has a great program. For $70/year you get 1 "westjet airmile" for every $15 dollars. But you can fly to the states so for every $12 500 you basically get a trip to anywhere in Canada and for $25 000 you get a trip down to the states. Pretty good payback considering a lot of programs only give 1% back.

Oo, and for those who love the shop the Holt card gives 1% back for Holt cards. :D

[benyl]

if you go to www.redflagdeals.com there is a review of all the credit card that are offered out there.

Wow, you guys rea compulsive spenders. I think I have 5 credit cards, but only use 2 regularly. Just make sure you have enough cash to pay it off at the end of every month.

I have never carried a balance cause I hate paying interest!

http://www.redflagdeals.com/deals/main.php/articles

look at the bottom of the link.

[Chester]

Originally posted by benyl
if you go to www.redflagdeals.com there is a review of all the credit card that are offered out there.

Wow, you guys rea compulsive spenders. I think I have 5 credit cards, but only use 2 regularly. Just make sure you have enough cash to pay it off at the end of every month.

I have never carried a balance cause I hate paying interest!

http://www.redflagdeals.com/deals/main.php/articles

look at the bottom of the link.

:werd: I only use my credit card because I'm too lazy to punch in my pin number hahaha. Right when I get home after I've used my credit card I go online and pay it off; never carried a balance for more then two days.

I got my credit card through CIBC, which is my bank.

[Phy]

To reiterate and reinforce what others have said:

Credit's good if you plan on paying it off by the end of the month. It never hurts to keep a squeaky-clean rep with the credit card companies. I use mine to pay bills, mostly.

If you really need to spend money you don't have yet, I think lines of credit have lower rates than the cards. More importantly, they work like bank accounts: you're only charged interest on the money you owe. From what I understand with a credit card, you're charged interest on the full cost of items you haven't completely paid off yet. Lines of credit would therefore seem to present a more favorable interest scheme. (If anyone's got some good reasons to choose a credit card over an LOC, I'd be very interested to hear 'em.)

[xDiMSuMx]

Thx Phy
i'm certain that i want a credit card though and was looking for which one to get

i can't really buy things over the internet with a line of credit

[benyl]

Typically access to a line of credit is with a cheque. This is more cumbersome. Some banks like PC financial can hook them up to you bank card.

The only draw back of a line of credit is that typically the limits are higher.

[babiedoll]

I have both a VISA and a mastercard...they are both student cards that I got during university...I have not missed a payment yet but my limits are pretty low...I can't justify paying interest on something...I guess my mentality is if I can't afford it then I shouldn't buy it...

But, um, I personally think that it is good to have both...Cuz some places do only take either one or the other...there's been a few times where I had to bail out people because they either didn't have a visa or mc...

for rewards, there's a new Avion card from RBC that's doing some crazy promotion where they're matching you $1 for every $1 you spend to use towards a plane ticket...I don't know how much the annual fee is, but it's quite the craze right now...I have GM visa incase I need to buy a cheap car somewhere down the road...

[googe]

its funny that so many people think bigger limits are a bad thing. has no one heard of self control? :) I have a few cards with fairly high limits, it really isnt that hard to not abuse them...

[D'z Nutz]

Originally posted by benyl
Wow, you guys rea compulsive spenders. I think I have 5 credit cards, but only use 2 regularly. Just make sure you have enough cash to pay it off at the end of every month.

I have never carried a balance cause I hate paying interest!

Hahaha! No shit! Some of you people have no self control! I can never understand how people can get into so much debt.

I've had a credit card since I was fourteen (I'm in my mid-twenties now) and only once did I miss a payment, and that was because whoever picked up the mail forgot to give me the statement back in the pre-internet banking days. Now, I have 3 credit cards and a line of credit. I'd probably get more, but I just wouldn't use them. Up until a few months ago, I never carried the balance. I only started carrying the balance recently for a few purchases, cause I'm under the impression that it helps increase your credit rating. (Can one of you financial types confirm this? Otherwise I'll stop, cause this Chinaman hates paying interest too! :rofl: ). I'm just doing what I can to build my credit rating right now. While you suckers are trying to keep your limits low, I'm trying to increase mine!

I even went and got one of those Best Buy cards so I could get DVD's without payments for 3 months! Hahaha! When I got my credit limit on that, the person was shocked, cause they never really saw people get that high of a limit that often right off the bat. Fifteen minutes later, I drove down to Futureshop to get one there :rofl:

A good rule of thumb for me is if I can't pay it off in cash then and there, I'm not charging it to my card cause it's money I don't have. If it's something I can't afford anyways, I probably don't need it.

[DJ Lazy]

Originally posted by D'z Nutz


I even went and got one of those Best Buy cards so I could get DVD's without payments for 3 months! Hahaha! When I got my credit limit on that, the person was shocked, cause they never really saw people get that high of a limit that often right off the bat. Fifteen minutes later, I drove down to Futureshop to get one there :rofl:


That was what happened to me on my future shop card... "oh sweet, 3 months no payment"!!! Yea, no payments after 3 months, and then I forgot I even bought this item or that item 3 months ago...

My own mistakes, but stilll sucks... :(

[DarkDream]

If your a student find a credit card with points.....
i use rbc classic II for every dollar you get a point....

also if your a student use your credit cards to pay for your schooling and pay it right back...... that way you can collect points and when you graduate you can use the points to get yourself a graduation present or a free trip somewhere.....:D

[GTS Jeff]

Originally posted by googe
its funny that so many people think bigger limits are a bad thing. has no one heard of self control? :) I have a few cards with fairly high limits, it really isnt that hard to not abuse them... :werd: IMO the best way to go is to get the hugest limit you can get, but never carry a balance. This really helps your credit rating. I have a $10,000 limit on my card, and I normally put about $1000 on my card every month, but I always pay it off. Last time I went to the bank, they offered me $30,000 unsecured credit. I turned it down, but think about this. It could translate into a quick and easy down payment on a second house, which translates into EASY MONEY. Did I mention that I've been a student for the past four years?

[69cougar]

Originally posted by BokCh0y
i would get one of each. i have been to some places that only except one or the other. superstore only excepts mastercard for grocery purchases whereas co-op and safeway take them all. might also be a good idea to get an american express too. i use my amex for travelling such as booking hotel rooms and rental cars. i'm not sure but my wife was yapping something about amex having better insurance coverage or something!?! :dunno:

just don't use all 3 of them or you'll be in serious trouble :D







Originally posted by googe
its funny that so many people think bigger limits are a bad thing. has no one heard of self control? :) I have a few cards with fairly high limits, it really isnt that hard to not abuse them...



Different cards have differnt incentivies when it comes to doubling up warranties, theft coverages etc. Loof for those things as you never know when you will need them.

A loyalty incentive is also nice as it gives you something fro nothing. Even if it takes you a long time to earn enough airmiles or points it is still more than paying cash will ever get you Just try not to carry a balance and always pay more than you monthly min payment. NEVER take advantage of their great "skip this months payment with no penalty" You will get dinged for the intrest.


Thats all you need to know.




:werd:

[max_boost]

I've been offered a $50K unsecured credit line but of course I turned it down. I've been in some trouble with credit cards in the past, at one point I probably had over $20K racked up with Mastercard, Visa, and AMEX LOL Oh it was quite the scary experience. The good thing that came about this is, I have amazing credit now! haha This was only 4 years ago and I had no discipline whatsoever. Nowadays the only debt I carry are my car loans (I treat it like an expense however). I have 0 credit cards and just want to keep it simple, cash and debit.

With this whole moving out thing, furniture and appliances are costing a bit more than I anticipated. I am so tempted to get a Brick card and do not pay for two years or whatever it is :D While making regular payments of course. But this would go against my say no against credit stance.

[unfocus]

BMO has good mastercards...
you can also get the mwith airmiles the mosiack look...

check ito ut u might liek it i tried applying but i missed some fiields out when applying lol.... for some reason i just missed it hahaha

[eblend]

superstore card is hard to get if you are a first timer to credit cards, i tried twice like 2 years ago, and got rejected both times, i worked part time and just wanted to build credit, well i since have 4 credit cards from different places, and only now stupid superstore is sending me invintation to their credit cards, fuck you homos, i applied twice and got rejected and now u want my business...go suck it.

anyways, if you want a sure bet credit card approval, Bank of Montreal mosaik will do it for you, mind you It will prolly be for about 500 bucks at first but they will quickly up it up over time. That was the first card i got, its free and well, online banking, but i don't like bmo so i don't use it anymore. I only use 2 of my credit cards now for everything, i pay for everything by card and they pay off using my bank savings, that way at least my money is earning some interested while it waits to be used up for the bill.
My two credit cards are:
1. CitiBank PertoCanada card, saves me 5.5c a litter and gives me perto points all in one card, so why not i use it for all my gas.
2. Ebay MBNA mastercard, i use this card because for every dollar i spend on the card canadian, i get 1 USD penny, and when u spend 2 grand a month on expenses (remember i pay for everything with cc, then pay off at end of month), thats 20USD into my paypal account every month, very helpful if you use paypal and ebay all the time. If you want to apply for a ebay card, pm me and i cna give you a referal and you get like 25 bucks USD right away for signing up though me, i get something too, not sure what it is, like 5 bucks or something but whatever

[Xtrema]

If you are starting out, talk to your bank where your paycheck is deposited. It should at least get you $2K.

PC Mastercard is tough to get for someone with no credit records. But I believe it's the best card of them all if you buy your groceries from Superstore anyway.

Most of the cash rebates cards have stupid rules. Some cost $$. Airmiles cards usually has black out dates, limitations and in the end may work out less than 1% rebate if you can catch some air fare deals instead of using airmiles. Car rebate is only offered by GM and there's also a limit on time and amount, and it ties you to buying a GM vehicle which may not be good at all.

The good thing about PC Mastercard is 1% of the bill refund as store credit. No strings attached, no waiting to save up points. I probably spend $600 a month there anyway so I'm sure I can use what I earn up every month.

[cycosis]

DO NOT get the starbucks credit card! yeah it may be fancy and u get 1% in duetto dollars of all ur purchases but teh interest rate is like 17%. its not worth it man.

[googe]

Originally posted by cycosis
DO NOT get the starbucks credit card! yeah it may be fancy and u get 1% in duetto dollars of all ur purchases but teh interest rate is like 17%. its not worth it man.

just about all cards are 17-19 dude

[DJ Lazy]

Originally posted by max_boost
at one point I probably had over $20K racked up with Mastercard, Visa, and AMEX LOL Oh it was quite the scary experience. The good thing that came about this is, I have amazing credit now!

I don't feel so bad about mine now... Damn.. $20K is deep... glad to you hear you got out of that hole though...

[xDiMSuMx]

Originally posted by cycosis
DO NOT get the starbucks credit card! yeah it may be fancy and u get 1% in duetto dollars of all ur purchases but teh interest rate is like 17%. its not worth it man.

but i don't expect to be owing money on my cards
i'm gonna pay it all off right away

[BebeAphrodite]

Originally posted by GTS Jeff
:werd: IMO the best way to go is to get the hugest limit you can get, but never carry a balance.

I don't think that's true especially if you're a student.

Getting the most credit you can get especially if you can get a huge amount means that you have a lot of revolving credit which also makes you a risk.
I have over $20 000 dollars in credit available and I only use two of my credit cards that I pay off several times/month. I never carry a balance but my credit FICO score is low considering how diligent I am in paying everything off on time and ensuring that I carry no balance.
I am a liability because I can get access to those funds and looking on paper I have no way of paying it back because my income is really low as well because I don't really work much.
Keep in mind that I never carry a balance, have never missed a payment on any type of bill, regularly use two of my credit cards (nearly on a daily basis), and pay it all off every month.

[d-UNiT]

as long as you pay your minimum payments your credit wont be tarnished

[lookingforwork]

Oh hell with it go nuts get a 100 cards and spend one day going crazy...lol j/k