BMO has free chequing account for students their student mastercard aint bad either (standard 18%, no annual fee + airmiles/cashback/spc) it starts @ like 400$ but the limit goes up pretty quick within a year ull be up around 1000$
Holy shit, credit cards are around 18-20% interest?!?! I have a CC but I always have more than enough to pay off whatever I get every month or pay in cash. No wonder Americans are so screwed, that's psycho.
I have RBC. No annual fees + points rewards (which you get to exchange for airmiles or for some goodies). I also get a savings account that ties in with the card, and gives me a $500-600 return in interests every year.
the interest is annual and if u pay back ur bill each month u don't have to worry about it so much (they also give u an option to pay back the "minimum amount" which is just the interest for that month)
Holy shit, credit cards are around 18-20% interest?!?! I have a CC but I always have more than enough to pay off whatever I get every month or pay in cash. No wonder Americans are so screwed, that's psycho.
Count yourself lucky, interest rates from American banks hover around 28% to 30%, credit card from stores can go up to 36%. Usury is big business.
Just signed up for a Visa II Classic from RBC. I've never had or needed a CC before, but I decided I'd best start building up a credit history.
If only SFU still accepted Visa, I could fly around the world by the time I graduated. :p
Best way to build it would be to buy a few minor things and then pay them all off each month.
However I've heard that perversely, always paying your card off sets off a red flag because in the logic of the industry, people who pay their cards off always don't make as much money for the companies because they don't pay the 20%ish interest.
No, I don't claim to understand credit card companies. :teeth:
The credit card limit thing is hit and miss... a lot of luck, I think. I just got my first one (BMO SPC MasterCard with 0.5% Cashback) and the gave me a $5000 credit limit. Insane much? I listed no job. My only income is scholarships, and my savings account is modest. I phoned them to lower it to $1000 (I won't be using it often and I don't want the limit to be so high, e.g., just in case it gets stolen).
But I agree... there's no reason not to. There's no annual fee for most, and the perks are decent (extended purchase warranty, especially). It's more secure than using a debit card, and more convenient than cash. Just make sure you develop good habits--keep track of your spending and pay off your bill and you'll be fine.
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Ideas appreciated!
p.s. I miss you folks...though we haven't met face to face but I will drop by sometimes in the shout box :P
their student mastercard aint bad either (standard 18%, no annual fee + airmiles/cashback/spc) it starts @ like 400$ but the limit goes up pretty quick within a year ull be up around 1000$
I have RBC. No annual fees + points rewards (which you get to exchange for airmiles or for some goodies). I also get a savings account that ties in with the card, and gives me a $500-600 return in interests every year.
and if u pay back ur bill each month u don't have to worry about it so much
(they also give u an option to pay back the "minimum amount" which is just the interest for that month)
However I've heard that perversely, always paying your card off sets off a red flag because in the logic of the industry, people who pay their cards off always don't make as much money for the companies because they don't pay the 20%ish interest.
No, I don't claim to understand credit card companies. :teeth:
But I agree... there's no reason not to. There's no annual fee for most, and the perks are decent (extended purchase warranty, especially). It's more secure than using a debit card, and more convenient than cash. Just make sure you develop good habits--keep track of your spending and pay off your bill and you'll be fine.