I had the chance or (bad luck) to work for the largest Canadian VISA service ... and I learned a lot!
This message is for permanent residents but rather that I will explain is also valid for the United States, even if the Canadian system has its peculiarities.
1 - What is the credit?
Question beast? Not really. VISA, Mastercard etc ... are not DEBIT cards as in France or you're shopping and the money is debited directly from your account or card has FLOW TIMER, or money is debited at the end of the month.
No cards are called in North America: "Charge Cards" Our credit cards are used as cards double as ATM and VISA card.
In Canada, it gives you an ATM card has immediate withdrawal. You will need to apply for additional credit card VISA or MasterCard. For this, you need a credit history (credit history), that is to say he must show that you are a good payer. Why? Well simply because when you use the money from the bank to the limit on the card and you pay the bank late in paying your bill VISA or MC, in theory you borrow money and by paying every month, you build your credit history. This will be used later if you buy a car, house etc ....
The Credit Score
Your credit score is calculated with a 3 digits. The credit bureau (2 agencies in Canada) harvest the information sent by your creditors (good or bad) and every time you apply for a credit card (we generally plsuieurs credit cards), loan, purchase car etc. ... the creditor will check your score and credit file vore.
We also checked bankruptcies and bad debts remain on your record for 7 years .... or interest of a good start, you never know!
2 - Credit Cards
All this to say that as PVTiste the only cards that you can get will be "protected" it is, we will ask you to ensure that the limit of your card by making a deposit in a savings account, or well sum up the branch for you or even the interest rate on the card is higher than normal (up to 24%!) and all of this will of course be dependent on your residence permit.
Some banks do not even give you the card if your residence permit is only 1 year.
The different types of cards:
There are many cards on the market, most give you points every time you shop, you can choose your program, for example to collect points with Aeroplan (Air Canada) or stores pharmaprix / shoppers, Air Miles etc ... or even the "cash back" concept that I struggled to understand: we refund up to 1% or 2% of what you spend with your VISA card.
The calculation of interest:
-If you pay the ENTIRE at the end of the month, you pay no interest on the PURCHASES.
-If you pay partially, you pay interest on the sum from the ENTIRE DAY of purchase (except in Quebec)
-If you withdraw cash with your VISA or MC, is a cash advance (cash advance) and you pay interest on the Day of withdrawal and up to what amount is fully refunded.
In North America, you are no NOTHING without credit, so think about it if you stay in Canada. I had so many clients immigrants - including French - who had no idea how the banking system works and are fooled by beauty!
After 2 years in Canada, I managed to get a credit crazy and I'm trying to fund my business ... on my credit cards, ca is enormously in North America, I know someone who has even open a nightclub with credit cards!
This message is for permanent residents but rather that I will explain is also valid for the United States, even if the Canadian system has its peculiarities.
1 - What is the credit?
Question beast? Not really. VISA, Mastercard etc ... are not DEBIT cards as in France or you're shopping and the money is debited directly from your account or card has FLOW TIMER, or money is debited at the end of the month.
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| The credit and credit cards ... decryption! |
No cards are called in North America: "Charge Cards" Our credit cards are used as cards double as ATM and VISA card.
In Canada, it gives you an ATM card has immediate withdrawal. You will need to apply for additional credit card VISA or MasterCard. For this, you need a credit history (credit history), that is to say he must show that you are a good payer. Why? Well simply because when you use the money from the bank to the limit on the card and you pay the bank late in paying your bill VISA or MC, in theory you borrow money and by paying every month, you build your credit history. This will be used later if you buy a car, house etc ....
The Credit Score
Your credit score is calculated with a 3 digits. The credit bureau (2 agencies in Canada) harvest the information sent by your creditors (good or bad) and every time you apply for a credit card (we generally plsuieurs credit cards), loan, purchase car etc. ... the creditor will check your score and credit file vore.
We also checked bankruptcies and bad debts remain on your record for 7 years .... or interest of a good start, you never know!
2 - Credit Cards
All this to say that as PVTiste the only cards that you can get will be "protected" it is, we will ask you to ensure that the limit of your card by making a deposit in a savings account, or well sum up the branch for you or even the interest rate on the card is higher than normal (up to 24%!) and all of this will of course be dependent on your residence permit.
Some banks do not even give you the card if your residence permit is only 1 year.
The different types of cards:
There are many cards on the market, most give you points every time you shop, you can choose your program, for example to collect points with Aeroplan (Air Canada) or stores pharmaprix / shoppers, Air Miles etc ... or even the "cash back" concept that I struggled to understand: we refund up to 1% or 2% of what you spend with your VISA card.
The calculation of interest:
-If you pay the ENTIRE at the end of the month, you pay no interest on the PURCHASES.
-If you pay partially, you pay interest on the sum from the ENTIRE DAY of purchase (except in Quebec)
-If you withdraw cash with your VISA or MC, is a cash advance (cash advance) and you pay interest on the Day of withdrawal and up to what amount is fully refunded.
In North America, you are no NOTHING without credit, so think about it if you stay in Canada. I had so many clients immigrants - including French - who had no idea how the banking system works and are fooled by beauty!
After 2 years in Canada, I managed to get a credit crazy and I'm trying to fund my business ... on my credit cards, ca is enormously in North America, I know someone who has even open a nightclub with credit cards!
