Credit Card Application for Canadians

Credit Repair In Canada and What You Should Know

2009-06-16T03:21:00.000-07:00

Just as credit cards are widely-used in the United States, the plastic form of payment is also enjoying huge popularity in Canada. Although using credit cards for payments is convenient and easy, it also presents a negative threat – credit card debt and bad credit.

Bad Credit History and Credit Card Debt

Being in stuck in credit card debt often leads to bad credit history. As you carry over your balances from month to month, you also incur the additional costs such as interest rates and late penalty charges.

It is no wonder why many credit card holders find it more difficult to recover from debt as they prolong their payments. As a result, these cardholders continue to suffer from debt and history of poor credit.

What You Can Do with Bad Credit

Is there a way to raise your credit score and improve your credit history? Of course, there is. However, avoid “credit fix agencies” that claim to fix or rebuild your bad credit history quickly in exchange for a fee. Bear in mind that the only way you can rebuild bad credit is to pay your creditors and be consistent with your current payments.

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An Overview of Canadian Credit Cards

2009-06-09T23:29:00.000-07:00

Canadian credit cards are very similar to those offered in the United States. All of the major credit card companies offer credit cards to Canadians and some major retailers do as well. There may not be as many choices, but there are still plenty to choose from. It is just as important for a person to compare Canadian credit cards as it is for those in the United States. Credit problems can arise no matter which country you live in.

Visa and Mastercard are the most common credit cards. There are a couple popular choices in credit cards for Canadian each. The Horizon Plus Mastercard is a secured card, which means a person has to deposit money into a savings account which becomes the balance for the card. The Horizon Plus Mastercard is designed to help those suffering from bad credit or bankruptcy. It requires a minimum deposit of $500 and includes a processing fee and a monthly fee.

It is also not available to residents of Quebec. Another Mastercard choice is the Petro-Points Mastercard. This Mastercard offers rewards for discounts on gas purchases. The discount only applies to select Petro stations. Visa offers the Home Trust Secured Visa. This secured card can be opened for any amount between $1000 and $10,000. It also earns interest on any amount left unspent. This card in not available to residents of Quebec. Another Visa option is the TD Green Visa. This card has no annual fee and offers rewards on car rentals. These are only a sampling of some of the secured and unsecured Visa and Mastercard credit cards available in Canada.

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Canadian Credit Score - How Does it Differ From a Credit Rating?

2009-05-28T04:01:00.000-07:00

Canada and the United States share many things in common. However, there are some serious differences in how credit scoring is carried out in the two neighboring countries. Although credit scores are three digits in both Canada and the United States and range from 300 to 900, Canada has a system of credit ratings.

Canada's Office of Consumer Affairs (CCOA) lists these credit ratings as follows:

R0 Too new to rate; approved but not used;

R1 Pays (or paid) within 30 days of payment due date or not over one payment past due

R2 Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due

R3 Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due

R4 Pays (or paid) in more than 90 days from payment due date, but not more than 20 days, or four payments past due Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due

R5 Account is at least 120 days overdue, but is not yet rated "9"

R6 This rating does not exist

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All About Debt Consolidation in Canada

2009-05-13T00:33:00.000-07:00

Everywhere in the world, many people experience debt crisis. If you’re experiencing the same situation and you are a resident of Canada, it’s good to know that there are companies offering debt consolidation services that you can turn to for help. This article talks about Canadian debt relief and how you can find the right service for you.

What Debt Consolidation Does

The reason why many people seek a debt consolidation service is to help them come up with a good negotiation. Although it’s possible for consumers to meet with creditors and tries to negotiate on their own, some people may be hesitant or may not know exactly what to do.

Debt consolidation companies have partnerships with various lenders so they can easily come up with a successful negotiation. Add to this, these people have mastered the art of debt negotiation so you can be assured that you will get a positive result.

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Credit Card Application in Canada

2009-04-23T02:21:00.000-07:00

There are various credit card providers to select from in Canada. As long as you have good credit, getting the appropriate credit card provide is no difficult task. In fact, financial organizations and banks make the whole process easy for you.

By doing the application online, Canadians find it quite convenient. There are a number of leading financial service banks and providers that are located in Canada and have no difficulty in selecting the right credit card service providers. This is because credit cards are popular especially in online transactions. Cities such as Vancouver, Toronto and Montreal accept credit cards from any merchant outlets.

There are so many ways in initiating the whole application process for a Canadian credit card. Especially in the time of communicating online, applications over the web are the priority. The processing time is faster than that of actual applications (wherein the individual personally visits the main office of the credit card provider.) It is important to know which credit card is suitable for you. Signing up for the wrong credit card service provider will only result to problems.

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Toronto-Dominion Profit May Be Unchanged, Clark Says

2009-04-15T01:46:00.000-07:00

By Sean B. Pasternak

April 2 (Bloomberg) -- Toronto-Dominion Bank may post earnings this year that are little changed from last year, and is unlikely to raise its dividend as it sets aside more money for bad loans in the U.S.

“In 2009, our job may be to simply maintain flat earnings per share,” Chief Executive Officer Edmund Clark said. “That would be a big accomplishment in today’s environment.”

Provisions for credit losses in the U.S. may be higher than the bank previously estimated as the economy slows, Clark told shareholders at the bank’s annual meeting today in Saint John, New Brunswick.

Canada’s second-biggest bank is expected to post earnings per share of C$4.38 in fiscal 2009, based on a survey of seven analysts by Bloomberg. Net income was C$4.87 a share for the year ended Oct. 31, 2008.

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Credit Cards for Canadians

Why Get a Prepaid Canadian Credit Card?

2009-03-30T00:54:00.000-07:00

Also known as secured credit cards, prepaid Canadian credit cards are especially created for residents of Canada. It is interesting to note that there is a difference between secured credit cards and prepaid cards. One major difference is that a prepaid credit cardholder is not given a credit line.

Instead, the prepaid cardholder is required to submit funds to his/her account to be able to use the card for purchases. On the other hand, a secured credit card provides its holder with a credit limit just like a regular credit card.

However, in order to get approved, the cardholder must first submit a security deposit to his/her account which will be used in case of defaults in payments. This gives the credit card issuer the assurance that the cardholder will not default his/her debts.

Below are the four main reasons why Canadians may opt to apply for a prepaid Canadian credit card.

1. Get a guaranteed approval. Those who cannot get approved for a standard credit card can be sure to get a guaranteed approval with a prepaid credit card. In fact, you can be sure to get a prepaid credit card in Canada regardless of your credit score.

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Bad Credit History - One Of The Basis in Hiring An Employee

2009-03-07T06:17:00.000-08:00

Not many people reason pay attention to their credit history. Others may say that they don’t need to build credit since they have no plans of getting a loan or a mortgage anyway. But even if you don’t need to apply for a loan today, you may need to do so in the future.

But more than just enjoying lower rates and getting easy approval from lenders, your personal credit history plays a crucial role in getting an employment. If you’re a student in college, have you thought about building your credit history? If you haven’t considered it yet, it’s about time to start thinking about your future employment.

How Your Credit History Can Affect Your Job Choice

In the corporate world, companies and employers check individual credit reports before hiring a worker. Yes, it’s not just about good academic grades and training. Your credit status can also make or break your future in a respected company.

This is not only applicable for executive job levels. Even regular jobs now require good credit. In fact, a survey conducted by Harris Interactive for Spherion Corporation (a recruiting firm) reveals that more and more employers today screen their applicants based on their credit history. Statistics show a 55% increase in the number of employers who inquire credit reports.

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A Closer Look at Canadian Credit Cards

2009-02-17T19:18:00.000-08:00

There are also a variety of credit cards to choose from in Canada. And regardless of where you live- it's important to study your options first before making a choice. Whether you're a resident of US or Canada, bear in mind that choosing the right credit card is a serious decision.

Canadian Credit Cards that Are Accepted Anywhere

Many credit cards for Canadians bear the Visa or Mastercard logos. If you're usually on the road or frequently take trips, having a credit card with a Visa or Mastercard logo is very handy as most establishments accept these forms of payment worldwide.

Credit Cards For Canadians also offer the same features as American credit cards do. If you're an immigrant or a resident in Canada and is looking for a credit card, make sure that you'll get one that provides credit reporting to the three major credit bureaus of Canada (Experian, Equifax, TransUnion).

What Kind of Canadian Credit Card do You Need?

See to it that a credit card matches your needs. What type of card do you really need? Do you need a secured credit card to rebuild your credit history? Do you need a balance transfer card to consolidate debt? Or do you prefer a Canadian credit card with rewards? Don't just sign up for a Canadian card because it's popular. Make sure that it complements your lifestyle.

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Pointers to Consider When Applying for a Non-Resident Bank Account in Canada

2009-01-29T21:45:00.000-08:00

A US citizen can apply for a resident bank account in Canada if he/she can show a legal work permit. However, if you are a non-Canadian resident, then you can apply for a non-resident bank account instead.

Most banks require non-residents to submit a photocopy of their passport, driver’s license and photo when opening an account. If you’re planning to open a bank account in Canada, here are some tips you can consider:

1. Know the bank’s rules in transferring and receiving funds. If you need to use your account for sending/receiving money to/from another country, see to it that the fees are reasonable.

2. Choose a bank that enables electronic money transfers. This gives you the flexibility and convenience to deposit funds in your account without visiting the bank facility.

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Pointers to Consider When Applying for a Non-Resident Bank Account in Canada

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The Difference Between Canadian Prepaid Credit Cards and Canadian Secured

2009-01-26T22:20:00.000-08:00

Canadian Prepaid Credit Cards can be used much like a regular credit card in the sense that you don’t need to bring cash to make a purchase. These cards usually have a Visa or Mastercard logo on them so they can be used to buy goods or pay for things at merchants and establishments where credit card payments are accepted. A prepaid credit card can also be used to shop from the internet. What makes it different from a secured credit card?

What are Prepaid Credit Cards?

Providers of prepaid credit cards do not check credit history. Regardless of your credit rating, you can apply for a prepaid card and get approved with no questions. However, prepaid card companies don’t include credit reporting to the major credit bureaus (Equifax Canada or TransUnion Canada). Therefore, if you want to build your credit history, a prepaid card may not be the best tool to help you.

A prepaid credit card is not attached to your bank savings account either. In order to use the card, you must first deposit funds to your prepaid card. If you put $300 in your prepaid account, you can use the card as long as you have a remaining fund enough to make another purchase. Whenever you’ve used up your balance, you’ll need to deposit cash again before using it.

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Credit Card Application in Canada

2009-01-21T23:58:00.000-08:00

By Mario JR Churchill

There are various credit card providers to select from in Canada. As long as you have good credit, getting the appropriate credit card provide is no difficult task. In fact, financial organizations and banks make the whole process easy for you.

Most users look at the APR or the Annual Percentage Rate of their credit card provider options. They compare one to the other. They try to discover what kind of credit card is said to be the requirement basically because there are two kinds – the secured credit card and the unsecured credit card.

Getting a secured credit card means the person must have an excellent credit standing. Also, the processing time of the secured credit card is faster than that of the unsecured credit card. Unsecured credit cards are the last resort of those how have poor credit standing.

Nonetheless, the interests of both credit cards are still high. That is why it is important to compare one credit card provider to the next. Who knows? You might get a better deal if you took the time to compare the APRs.

When applying for a Canadian credit card, it is important that one has the creditworthiness needed for Canadian providers to grant credit cards. There are various credit card service providers but most of the request for collateral. As there are a lot of credit card service providers, it is important that the individual does some background study and research in order to get the credit card provider that is most suitable for him, his lifestyle and his budget.

Web portals and online journals serve as big guides in finding a good credit card. Canadian financial organizations often offer 411 seminars on the selection of credit card and the maintenance of a credit card standing at different times of the year.

Just remember that whenever you apply for a Canadian credit card online, you know what you are getting into. It is important that you know the figures and the facts involve before you sign anything else. You also have to make sure that your identity, and that of your loved ones, are secure whenever you do the application.

Before you sign up for any application online, do a background check on whether this credit card service provider is legal in the big cities in Canada. Once you are sure that this credit card service provider is the real thing and not a hoax, it’s time to do your thing.

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