Credit cards for newbie
Jan 7th 2010, 7:07 am
#31
Moderαtor Emeritus
Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,771
Re: Credit cards for newbie
"Pay at the pump" has no checks at all. No PIN, signature, nothing
Some places check the sig carefully , others dont. For transactions less than $100 at loblaws affiliates there is no sig requirement at all on my PC mastercard. I guess most credit card fraudsters are buying more glamourous and expensive purchases than the weekly groceries?
My mastercard has the pay pass "no swipe" technology, but they should still check the signature.
My latest (canadian issued) Visa card is chip and pin
My debit card (interac) requires a PIN, but its not Chip and pin technology.
I have been asked for photo ID occasionally to confirm my ID as my signature can be a bit random.
None of my relies has had a problem using UK cards here.
Some places check the sig carefully , others dont. For transactions less than $100 at loblaws affiliates there is no sig requirement at all on my PC mastercard. I guess most credit card fraudsters are buying more glamourous and expensive purchases than the weekly groceries?
My mastercard has the pay pass "no swipe" technology, but they should still check the signature.
My latest (canadian issued) Visa card is chip and pin
My debit card (interac) requires a PIN, but its not Chip and pin technology.
I have been asked for photo ID occasionally to confirm my ID as my signature can be a bit random.
None of my relies has had a problem using UK cards here.
Jan 7th 2010, 5:21 pm
#32
Forum Regular
Joined: Jul 2008
Location: Vancouver
Posts: 186
Re: Credit cards for newbie
there is also a credit card comparison tool on a government website, look here:
http://www.fcac-acfc.gc.ca/eng/Consu...sp?userProv=10
sounds like BE forum users had positive and negative experiences with all banks and credit card
http://www.fcac-acfc.gc.ca/eng/Consu...sp?userProv=10
sounds like BE forum users had positive and negative experiences with all banks and credit card
Last edited by Ikatita; Jan 7th 2010 at 5:23 pm. Reason: copied wrong url
Jan 7th 2010, 8:38 pm
#33
...
Joined: Sep 2004
Posts: 1,165
Re: Credit cards for newbie
Personally I wish I never came across these things, and once I have paid them off I will not use them again.
There is now pay as you go credit cards, or top up pre pay credit cards readily available. You only can spend what you have put onto the card in advance and therefore will never get into debt.
When I was younger I was told the only debt I should have was a mortgage, I wish I had listened to that advice.
Jan 8th 2010, 1:03 am
#34
Moderαtor Emeritus
Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,771
Re: Credit cards for newbie
Stay away from credit(enslavement cards) cards. Once you get sucked in, you will spend years paying them back. You will be surprised how much debt can be racked up in a short space of time, sometimes a few days.
Personally I wish I never came across these things, and once I have paid them off I will not use them again.
There is now pay as you go credit cards, or top up pre pay credit cards readily available. You only can spend what you have put onto the card in advance and therefore will never get into debt.
When I was younger I was told the only debt I should have was a mortgage, I wish I had listened to that advice.
Personally I wish I never came across these things, and once I have paid them off I will not use them again.
There is now pay as you go credit cards, or top up pre pay credit cards readily available. You only can spend what you have put onto the card in advance and therefore will never get into debt.
When I was younger I was told the only debt I should have was a mortgage, I wish I had listened to that advice.
Some things like mortgages and car credit are going to be harder to come by without the credit history generated by credit and store cards.
Jan 8th 2010, 2:35 am
#35
BE Forum Addict
Joined: Mar 2007
Posts: 4,059
Re: Credit cards for newbie
Its not the cards, its the credit.... The cards are convenient, the points are worth collecting, its the overspending you need to avoid.
Some things like mortgages and car credit are going to be harder to come by without the credit history generated by credit and store cards.
Some things like mortgages and car credit are going to be harder to come by without the credit history generated by credit and store cards.
Jan 8th 2010, 2:44 am
#36
Forum Regular
Joined: Jul 2008
Location: Vancouver
Posts: 186
Re: Credit cards for newbie
Yes, me too. If it weren't for the need of building up a credit history (how on earth am I to convince a landlord that I'm a trustworthy person to let to without one and without an employment?????), I wouldn't be getting a Canadian credit ard right away.
Jan 8th 2010, 3:52 am
#37
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,688
Jan 8th 2010, 3:55 am
#38
Joined: Sep 2008
Posts: 12,830
Re: Credit cards for newbie
Stay away from credit(enslavement cards) cards. Once you get sucked in, you will spend years paying them back. You will be surprised how much debt can be racked up in a short space of time, sometimes a few days.
Personally I wish I never came across these things, and once I have paid them off I will not use them again.
There is now pay as you go credit cards, or top up pre pay credit cards readily available. You only can spend what you have put onto the card in advance and therefore will never get into debt.
When I was younger I was told the only debt I should have was a mortgage, I wish I had listened to that advice.
Personally I wish I never came across these things, and once I have paid them off I will not use them again.
There is now pay as you go credit cards, or top up pre pay credit cards readily available. You only can spend what you have put onto the card in advance and therefore will never get into debt.
When I was younger I was told the only debt I should have was a mortgage, I wish I had listened to that advice.
Trouble with the pre paid Visa gift cards is if you lose them you've lost out, Visa don't guarantee them. Do they still give you the purchase protection insurances, travel insurance, CDW?
You could also ask the credit card issuer for a smaller limit and once that is reached, pay it off before you can use the card again.
Last edited by Aviator; Jan 8th 2010 at 4:00 am.
Jan 8th 2010, 3:57 am
#39
Forum Regular
Joined: Jul 2008
Location: Vancouver
Posts: 186
Re: Credit cards for newbie
Jan 8th 2010, 4:01 am
#40
Joined: Sep 2008
Posts: 12,830
Re: Credit cards for newbie
Another little known snippet: Equifax Canada won't open up a credit history unless you have two pieces of revolving credit (ie two credit cards). This means that even if you have a car loan but no credit cards, you may not have a credit history started with Equifax.
Jan 8th 2010, 4:40 am
#43
...
Joined: Sep 2004
Posts: 1,165
Re: Credit cards for newbie
There is a dark side to credit cards, be warned !!!!!!
You are giving people so much potential control over your life if you fall into arrears. Job loss, change of circumstance, emergency purchases etc.
personal loan and credit card arrears can put your home at risk 3/02/2009
Thousands of homeowners risk losing their home if they miss payments on credit cards or personal loans.
At one time, your home was only at risk if you fell behind on your mortgage.
Now lenders are increasingly going to court to turn unsecured loans into secured debt and are targeting people’s homes to ensure they get their money back.
A record 97,000 homebuyers had “charging orders” – where the person you owe money to secures the debt against your property – slapped on their property last year.
Banks and other lenders are applying to the courts for “charging orders” on 500 homes a week.
This is likely to increase rapidly as the recession results in more families failing to keep up debt repayments.
Until recently, most lenders were content to wait until you sold your property to get their money back.
Now, a growing number are going back to the courts to grab the house by getting an immediate “order for sale”, which means they can sell your property.
As house prices continue to fall and the equity in homes is reducing, they believe there’s no point in having debts secured against something that could end up in negative equity.
Now they don't tell you this do they, be warned, unless you are 100% disciplined with debt, I would stay clear. I have managed perfectly fine without them for the last 3 years
You are giving people so much potential control over your life if you fall into arrears. Job loss, change of circumstance, emergency purchases etc.
personal loan and credit card arrears can put your home at risk 3/02/2009
Thousands of homeowners risk losing their home if they miss payments on credit cards or personal loans.
At one time, your home was only at risk if you fell behind on your mortgage.
Now lenders are increasingly going to court to turn unsecured loans into secured debt and are targeting people’s homes to ensure they get their money back.
A record 97,000 homebuyers had “charging orders” – where the person you owe money to secures the debt against your property – slapped on their property last year.
Banks and other lenders are applying to the courts for “charging orders” on 500 homes a week.
This is likely to increase rapidly as the recession results in more families failing to keep up debt repayments.
Until recently, most lenders were content to wait until you sold your property to get their money back.
Now, a growing number are going back to the courts to grab the house by getting an immediate “order for sale”, which means they can sell your property.
As house prices continue to fall and the equity in homes is reducing, they believe there’s no point in having debts secured against something that could end up in negative equity.
Now they don't tell you this do they, be warned, unless you are 100% disciplined with debt, I would stay clear. I have managed perfectly fine without them for the last 3 years
Jan 8th 2010, 4:44 am
#44
Moderαtor Emeritus
Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,771
Re: Credit cards for newbie
There is a dark side to credit cards, be warned !!!!!!
You are giving people so much potential control over your life if you fall into arrears. Job loss, change of circumstance, emergency purchases etc.
personal loan and credit card arrears can put your home at risk 3/02/2009
Thousands of homeowners risk losing their home if they miss payments on credit cards or personal loans.
At one time, your home was only at risk if you fell behind on your mortgage.
Now lenders are increasingly going to court to turn unsecured loans into secured debt and are targeting people’s homes to ensure they get their money back.
A record 97,000 homebuyers had “charging orders” – where the person you owe money to secures the debt against your property – slapped on their property last year.
Banks and other lenders are applying to the courts for “charging orders” on 500 homes a week.
This is likely to increase rapidly as the recession results in more families failing to keep up debt repayments.
Until recently, most lenders were content to wait until you sold your property to get their money back.
Now, a growing number are going back to the courts to grab the house by getting an immediate “order for sale”, which means they can sell your property.
As house prices continue to fall and the equity in homes is reducing, they believe there’s no point in having debts secured against something that could end up in negative equity.
Now they don't tell you this do they, be warned, unless you are 100% disciplined with debt, I would stay clear. I have managed perfectly fine without them for the last 3 years
You are giving people so much potential control over your life if you fall into arrears. Job loss, change of circumstance, emergency purchases etc.
personal loan and credit card arrears can put your home at risk 3/02/2009
Thousands of homeowners risk losing their home if they miss payments on credit cards or personal loans.
At one time, your home was only at risk if you fell behind on your mortgage.
Now lenders are increasingly going to court to turn unsecured loans into secured debt and are targeting people’s homes to ensure they get their money back.
A record 97,000 homebuyers had “charging orders” – where the person you owe money to secures the debt against your property – slapped on their property last year.
Banks and other lenders are applying to the courts for “charging orders” on 500 homes a week.
This is likely to increase rapidly as the recession results in more families failing to keep up debt repayments.
Until recently, most lenders were content to wait until you sold your property to get their money back.
Now, a growing number are going back to the courts to grab the house by getting an immediate “order for sale”, which means they can sell your property.
As house prices continue to fall and the equity in homes is reducing, they believe there’s no point in having debts secured against something that could end up in negative equity.
Now they don't tell you this do they, be warned, unless you are 100% disciplined with debt, I would stay clear. I have managed perfectly fine without them for the last 3 years
Jan 8th 2010, 4:52 am
#45
Joined: Sep 2008
Posts: 12,830
Re: Credit cards for newbie
Credit is perhaps too freely available, but who is responsible, the lender for making it available or the borrower for borrowing beyond their means? Defaulters are one reason why interest rates are so high.
I am not unsympathetic to people who get into problems once, but I know of people who have done it several time, that's stupidity. Personally I believe we lack financial awareness education in the school system.
