Credit card processing and matters needing attention for Canadian students
1. How to apply for a Canadian credit card?
There are usually two kinds of credit cards in Canada, VISA and MASTER. I believe that many small partners have obtained visas through the SDS program. So many students must have opened accounts through Royal Bank of Canada to get visas. Then Royal Bank of Canada uses VISA card, which has five types. For international students who have just gone to Canada, Visa Classic 2 is the most suitable one.
In terms of processing, most credit cards in Canada need to carry passports, school letters or student ID cards. Different banks also need to refer to the student's study permit date, such as RBC and Scotland. It is best to apply for a student visa for more than one year, while TD only needs to pay 500 yuan deposit, so the student visa has no effect. Credit cards generally have a certain annual fee, and in some cases they can be exempted from the annual fee. Specific banks should be consulted, but many banks have also introduced policies such as credit card cumulative points return rate to encourage people to use credit cards. For example, Momentum Visa Infintie in Nova Scotia has an annual fee of $99, and the return on consumption at all gas stations or grocery stores is 4%. If you spend in a designated store, you can get a 2% cashback return if you pay the bill on time.
Credit card consumption also has the following additional benefits: 90-day commodity loss and damage insurance; Extend the warranty period of the original product for one year; Enjoy a maximum discount of 7.5% when spending in 4000 stores that have agreements with Royal Bank; You can withdraw 500 Canadian dollars in cash from ATM every day; Regular monthly repayment, credit card companies do not charge loan interest. If you can't repay on time, there is a minimum repayment amount, such as 100 Canadian dollars, and other loans charge as much as 20% interest every year, just like usury. If you can't pay the minimum repayment, the credit card company will cancel your credit card and lower your credit rating.
Two. Matters needing attention in Canadian credit card application
Faced with the temptation of many "new" or "low-interest" credit cards, foreign students must choose carefully, because the "ideal" credit card is often the most deceptive. Never sign a contract with a bank or trust company that you haven't heard of, and don't easily believe those ridiculously favorable terms.
1. Providing "low interest" payment is the first choice to promote this credit card. The so-called "low interest rate" is usually effective only for a very limited period of time. Generally, it will be indicated in the fine print terms of the application form, and these terms must be carefully studied word by word. Generally, within a few months, this low interest rate will be adjusted to the same as the current interest rate, and will continue to rise with the annual increase in commodity interest rates.
Please pay attention to the annual fee of credit card.
3. Please pay attention to the date of the account and the credit rating stipulated by the credit card.
4. Before filling out the credit card application form, read every relevant clause carefully, and don't act rashly. If the payment of credit card bills is delayed or large credit card payment is difficult, consumers can turn to the credit card consultation center for help.