Credit Card
 

So I turned 19 yesterday (yay me!) and was thinking about getting a credit card right away. I know what you are thinking, and it seems like a pretty dumb move. However, I am planning to apply for a student visa or soemthing along those lines, just so I start building up my credit.

I have no credit score nor history, so If I do get accepted, it will probably be a secure credit card. Right? where I have to deposit an amount before I can use it?

I have a system planned out. (Anything over 20$ on debit or cash. Anything under 20$ credit) as well I am not a compulsive spender, so I dont go crazy. I am a pretty cheap guy heh heh

Anyways, good idea? or I should wait for a bit first? Like start having my phone contact under my name etc etc

serious replies please

hit up rbc, their student card goes up to 2g limit

hmm that seems to be a lot for a student card lol. I was looking around 500 -1000

you could ask them for a lower limit, my buddy got one at td and they were going to give him 1000 credit but he only asked for 500.

go with BMO, if your a student should have no problem

When I turned 19 I went to TD and got the rebate rewards. 1000 deposit and 1000 limit. Cant really go wrong and also 1% cashback

$500 is a really low limit.. if you ever decide to purchase a laptop/tv or anything like that, your visa won't even cover it. Unless you have absolutely no control over your spending, you should be fine with a higher limit.

Not a dumb move at all. Yu sound like a responsible person. Just make sure to always pay your bills and you're set.
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bmo, easy for students

Capital one has a credit builder card that is what I started with. I had a credit limit of $300 I think which was nice cause I couldn't go crazy with it. Gradually it went up over the years.

I don't think you want anything over $500 on your first card. It's just way way way too easy to do stupid things and that's when and where a lot of people get off to a bad bad start.

hey, I didnt want to start a new thread since i'm pretty much asking the same question.

I read about the MBNA smart card, would that be an applicable card to get for a student? I'm not very knowledgeable what kind of credit cards to get, like cash back vs travel especially for students

bmo with spc is pretty good

any insights on a cc with scotiabank? i'm in a business and constantly will be using my cc to purchase orders for myself or others (ill get the $ first so i know i can pay it off) so it'll be mainly used for that. And since im with scotiabank i was looking what would be good

i'm not too familiar with scotiabank cards but just to be safe, don't use a dividend card for those purchases (if audited, it would give you trouble)

hands down, best cash rewards card on the market with the best benefits.
apply for it, and hope you get it. i dont know if you can get it as a first/student card though.

rfd has a comprehensive and indepth thread about it:
http://forums.redflagdeals.com/mbna-...esigns-722828/

been using this for a while, very solid imo considering there are no annual fees, automatically mail you a cheque for $50 once you reach the cashback threshold, and the % for cash back is pretty solid.

8mos after I finish school which is last year TD offers me a first class infinite travel visa. I ask them why they told me coz I'm a student lol but in my own understanding you need to have a 100k income to get this card... weird

if you have rbc debit and credit card and at least $100 in savings, you don't have to pay any monthly fees

how is that a dumb move? get a CC and use it for EVERYTHING. pay it off in full each month.

- safer than debit because if your card get skimmed, it isn't your cash being taken
- build up credit history
- get a rewards card and reap the benefits

Srs? TD told me it's $2000 dollars limit minimum... :fuuuuu: so I chose the green visa instead. $500 limit

I don't really understand... you chose a different credit card because they wanted to have too high of a limit?!? Are you guys seriously that worried that if you had a $2k limit you'd melt down and if you have $1k it's going to be fine? *confused*

Mark

Well that wasn't an issue, but spending 2000 dollars on a credit card seems unnecessary.

I always wanted a rebate rewards credit card, but I didn't have enough money back the time I settled...

So I'm gonna try to ask every td bank if they can let me have a 1000 dollars limit on their rebate reward card.

Why do people in this thread think that having a $2k limit somehow automatically = spending $2k. My average monthly balance is under 10% of my limit and I don't believe I'm particularly special.

Mark

I fully agree with you. I don't understand why you guys are scared of a high limit. I have a $24,000 limit on my one card and only use about 1000 to 2000 a month on it. (I pay it off fully each week).

Did you guys agreed to do deposits?
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