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British Credit Cards

British Credit Cards

Old Jan 26th 2009, 1:19 am
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Can you keep using your British Credit cards after you have become a permanent resident? Or do you have to clear all the debts before you move?
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Old Jan 26th 2009, 1:27 am
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Default Re: British Credit Cards

Originally Posted by Ned66
Can you keep using your British Credit cards after you have become a permanent resident? Or do you have to clear all the debts before you move?
Many people need to keep using a british CC after moving out of necessity as its hard to get a canadian one without canadian credit history. People have come here with UK mortgages still active, so using a UK credit card is a non issue, and paying the bill only a minor hassle. However, be aware that if you intend to default on payments, if its a large enough ammount you can bet that the debt will be sold on to a collection agency over here, and if you return to the UK at some point as many do, your credit rating there will be crap too.

The question of personal debt (ie skipping the country without paying all your debts) is a bit unclear. You are required to demostrate "unencumbered" funds when you land, and the money is not allowed to be borrowed. Ethically the right thing to do is pay your debts and see what you have left for landing, but I suspect CIC have no real way to know.
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Old Jan 26th 2009, 1:31 am
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Default Re: British Credit Cards

I was just concerned that, we couldn't keep our credit card on and pay off the balance from Canada. The unencumbered funds have been sorted out seperate from that.
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Old Jan 26th 2009, 1:36 am
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Default Re: British Credit Cards

Originally Posted by Ned66
I was just concerned that, we couldn't keep our credit card on and pay off the balance from Canada. The unencumbered funds have been sorted out seperate from that.
Many people do it, the hassle is in the constant international tranfering of money adding to the expense.

I'm going to move this thread to the lifestyle forum as its more likely to find someone who is dealing with this there.
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Old Jan 26th 2009, 2:30 am
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Default Re: British Credit Cards

always useful to keep in case of Christmas pressies for those members of family still living in UK- make sure that you set up a direct debit to take at least the minimumpayment though, as post takes a while to get back and forth!!
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Old Jan 26th 2009, 2:35 am
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Default Re: British Credit Cards

Originally Posted by shelley748
always useful to keep in case of Christmas pressies for those members of family still living in UK- make sure that you set up a direct debit to take at least the minimumpayment though, as post takes a while to get back and forth!!
FWIW I've never had a problem buying presents on amazon Uk using a canadian credit card.

If you are visiting the UK (as expats do) it might be more cost effective to pay for everything on a UK card and take the bank exchange rate hit to pay the bill, than to get hit with the Credit Card conversion rate and fee on each transaction though... Depends on your card I suppose, and how often it would apply.
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Old Jan 26th 2009, 2:41 am
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Default Re: British Credit Cards

Nationwide credit cards are good - no fees for using abroad, receive bills by email, pay by internet banking. The only downside is the appalling exchange rate at the moment. Now that I have a Canadian Credit Card it's much better to use that, but shall keep t'other for trips to UK etc.
Certainly no problem using UK cards here, but get used to signing slips of paper again, as chip and pin hasn't made it here yet...
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Old Jan 26th 2009, 2:48 am
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Default Re: British Credit Cards

So am I right in saying that I don't need to pay off my credit card before I become a permanent resident in Canada?
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Old Jan 26th 2009, 2:49 am
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Thats my take on it....but its not a legal opinion! Lets just say you wouldnt be the first.
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Old Jan 26th 2009, 2:57 am
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Default Re: British Credit Cards

Originally Posted by Ned66
So am I right in saying that I don't need to pay off my credit card before I become a permanent resident in Canada?
That was true for me, it was two or three years before I paid it off.
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Old Jan 26th 2009, 3:44 am
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Default Re: British Credit Cards

Originally Posted by Ned66
Can you keep using your British Credit cards after you have become a permanent resident? Or do you have to clear all the debts before you move?

I have absolutely no intention of clearing my CC.. its worth reading thru the info from the likes of HSBC and what they can offer, for banks based in UK and in canada, ie the go between..

ironically I recieved a letter from a bank whose card i hadn't use for a period of six month, they cancelled it !! I didn't realise, or thought that could happen however as the banks ar all up the "left" its probally a good thing

j
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Old Jan 26th 2009, 3:59 am
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Default Re: British Credit Cards

Originally Posted by iaink
FWIW I've never had a problem buying presents on amazon Uk using a canadian credit card.

If you are visiting the UK (as expats do) it might be more cost effective to pay for everything on a UK card and take the bank exchange rate hit to pay the bill, than to get hit with the Credit Card conversion rate and fee on each transaction though... Depends on your card I suppose, and how often it would apply.
No I don't have any problems buying stuff but if you have a an account in UK with UK bank, it makes it easier to keep currency the same thats all- I only bother for birthdays and XMAS.
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Old Jan 26th 2009, 4:21 am
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Default Re: British Credit Cards

Originally Posted by Ned66
So am I right in saying that I don't need to pay off my credit card before I become a permanent resident in Canada?
You need to check the fine print on your current credit cards, for some you have to be a UK resident and employed in the UK.

When I was cancelling our credit cards, Egg was doing the speel about why was I leaving, what could they do to make me stay. I explained that I was moving to Canada, they said that I could keep the card, I pointed out to the Customer Services lady that it said in their terms and conditions that you had to be a UK resident.

She said oops, thanks, confirmed that I was correct and then agreed to close the account!

We have kept a UK credit card that had no issues with us living abroad, as far as I am aware there is no reason why you have to pay UK credit cards for PR in Canada.

Charlie
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Old Jan 26th 2009, 4:50 am
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Default Re: British Credit Cards

Originally Posted by jonnieandmartina
ironically I recieved a letter from a bank whose card i hadn't use for a period of six month, they cancelled it !! I didn't realise, or thought that could happen however as the banks ar all up the "left" its probally a good thing
Yeah, most of my cards have been cancelled by the bank for non-use; if I'd cared I would have used them to make sure they weren't cancelled, but I still have my lowest credit limit UK card which is all I need for occasional purchases from UK web sites.

That said, I still have a UK address for bills, etc, which probably helps.
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