Instructions for handling a credit card for studying in Canada

The advance function of credit card has brought us great convenience, so for students who are going to study in Canada, it is also very helpful to apply for credit card for their future study abroad life. The life of Canadian students is different from that of China. I would like to introduce the instructions for students studying in Canada to apply for a credit card for studying in Canada.

Introduction to the basic knowledge of credit card

Using a credit card is actually borrowing money from a credit card company for consumption. If you pay back the money monthly, it is an interest-free loan. Credit card companies make money by charging merchants who accept credit card settlement. In addition, it also earns profits by charging consumers interest on overdue payments.

credit card

Credit card is an indispensable tool for living in Canada. The types of credit cards vary widely, so you should choose according to your own specific situation. There are three main credit cards: Visa, Master and Amex Express. The credit cards of major banks in Canada are generally Visa cards. Only BMO is the main card. Visa and MasterCard are accepted by ordinary merchants, but some, such as NoFrills, only accept MasterCard. So it's best to have everything.

There are five local banks in Canada: TD Bank, CIBC, Bank of Montreal, Royal Bank and Scotiabank. There are also Bank of China, HSBC and Online Banking ing.

Personal bank accounts generally include two types: checking accounts and savings accounts. A checking account has no interest, and a savings account has interest. If you want to use checks, you must have a checking account. What kind of account to choose should be based on personal circumstances, mainly considering interest, service fee and convenience. In addition, all bank websites can recommend accounts according to personal circumstances. Here are some good banks to recommend to you.

(1). Bank of Montreal (BMO) has a low service fee and the scheme is simple and clear. If you apply for a student account with a student card, you can avoid using a savings and checking account. We would like to remind you that many banks can only use student cards to avoid using checking accounts. If you apply for a student account, BMO will also give away SPC cards that can be discounted in hundreds of stores. BMO's online banking is also easier to use. BMO has an office in China, so it can open an account directly in China without bringing cash to Canada. There are many branches near the school.

(2)TD Canada Trust has the advantages of many outlets, many automatic counter machines and thoughtful and convenient service. In addition, the staff of the branches around the city center can speak Mandarin. TD's online service is also the best. You can directly pay all kinds of credit cards and bills, transfer money and pay tuition fees, which is very convenient and fast. The disadvantage is that if there is no specific application for the student account, there is an upper limit on the amount of cash withdrawn from the ATM every day, which is about $ 100. But you can ask the bank to set it higher.

The biggest advantage of RBC Royal Bank is that it can open a free checking account with no minimum deposit. If the number of visits per month is small, you can consider it. The disadvantage is that the number of automatic counter machines and branches is small and inconvenient.

Credit card application

Credit cards can be applied by filling in a form (the form can be found online) or directly at the bank. If you fill in the application form online, the credit card company will call or make an appointment within two weeks after the application is submitted. After that, a new card will arrive in two weeks. Credit cards are generally issued according to the applicant's credit history. It is generally easier for new immigrants to apply for credit cards, while it is generally difficult for foreign students who have just arrived in Canada to apply for credit cards because they have no credit history. There are two ways to get a credit card. One way is to pay deposit insurance. For example, a deposit of 1000 USD can get a credit card with a limit of 1000 USD. This kind of credit card is actually a debit card, and it doesn't make much sense to accumulate credit points.

In addition, apply for some small credit cards that are easy to apply for, accumulate credit value first, and then apply for other credit cards later. Credit cards of CIBC and TD are relatively easy to apply for, but for international students, it is best not to fill in the SIN number (optional) when filling out the application form, otherwise it is generally difficult to apply for a credit card. In addition, the University of Toronto has a special MBNA credit card application, which can be obtained by filling out the form. Instead, fill out an online form, apply for MBNA's credit card and ask for immigration status. With a credit card, it is easier to apply for another credit card after one year.

Generally speaking, freshmen or scholars who have just arrived in Canada can consider applying for CIBC Classic or MBNA card first. After accumulating a certain degree of credit, you can apply for a refund as needed, such as Citibank Enrich, CIBC Shoppers' Best Visa Card, RBC Royal Bank Visa Gold with car rental insurance and American Express Costco Platinum Cash Discount Card.