Nick B.

Realistically, the number of people who can't get credit cards in Canada is
much lower, because it seems that Canadians take much more care of their
credit.

The only advantage of "check cards" is the online shopping thing - but
that's really it. Unless they are demanded by the masses, they won't be
introduced because Interac does (almost) everything they do and is firmly
established.

I don't know what fees Visa/MC charges merchants for Check Card purchases,
but if it is anything like credit card fees, that's another obstacle. Why
pay a 4% credit card discount rate when you can pay Interac between 10 and
15 cents a transaction instead? For most purchases, Interac is a better
deal to merchants.
"John D" <[email protected]> wrote in message
news:[email protected]...
    > Yeah but that would be great for people with bad credit or no credit at
all,
    > Interac is useless because you can't buy online with Interac, with the U.S
    > debit cards anyone can buy online.
    > "Elmar" <[email protected]> wrote in message
    > news:[email protected]...
    > > "John D" <[email protected]> wrote in message
    > > news:[email protected]
    > > > But we don't have too many options of prepaid cards in Canada, the
    > banking
    > > > system in Canada is obsolete, in the US you open a regular checking
acc
    > > > and comes with a Check card( debit card with the Visa or MC logo on
it)
    > >
    > > What do you mean by pre-paid card? If you mean secured credit card, then
    > > most bank will issue secured credit card. You have very wrong idea about
    > > banking system in Canada. Banking system in Canada is way more advanced
in
    > > technology implementation than most banking system in USA. Banking
system
    > in
    > > USA is very fragmented, localized and does not have nationwide unified
    > > network like in Canada.
    > >
    > > Debit card is not credit card. This is just like any other bank card
with
    > > added advantage of using it with Visa/MC network (like Interac, PLUS,
    > Cirrus
    > > etc.). With huge disadvantage of being less secured. If anybody can get
    > hold
    > > of your debit card he can use it anywhere with a forged signature. The
    > money
    > > is deducted from your bank account right away and unlike credit card,
the
    > > issuing company will not stand behind you to recover back the money.
    > > Moreover using a debit card will not help you build credit history.
    > >
    > > --
    > >
    > >

Stephen Gallagher

    > > What sort of information are you looking for? I can probably answer a lot
    > > of your questions.
    >
    > I'm curious...as I understand it, Canadian creditors cannot/will not query
    > American credit reporting bureaus. Would it be reasonable/helpful, or
    > pointless, to bring a credit report and/or score from such (Equifax,
    > Experian, TransUnion) along with me when applying for credit in Canada?

When I moved to Canada in 1996, I applied for my first credit
card through Royal Bank. I spoke to the branch manager to
specify that my credit history was all in the US. This seemed
to be enough to qualify me for a Canadian credit card, since
I received one with a fairly high line of credit within a few
weeks.

You have to be a bit persistent when trying to get your
first credit card in another country. Don't take no for
an answer from a front line service person, when it comes
to accepting your foreign credit history. You need to
talk to someone who has approval authority.

Stephen Gallagher

Elmar

"John D" <[email protected]> wrote in message
news:[email protected]
    > Yeah but that would be great for people with bad credit or no credit at
    > all, Interac is useless because you can't buy online with Interac, with
    > the U.S debit cards anyone can buy online.

It is true that debit card will give somewhat option for people with no
credit history. But I have heard of people with bad credit history being
denied from debit card as well. The option that you can use debit card it
online makes it very dangerous. As I told you Visa/MC won't stand behind you
for any unauthorized transaction. Again it is not US debit card, it is
Visa/MC debit card which is available in many countries. I believe some
institute in Canada issues Visa/MC debit card as well.

--

Webcrawler

Those "check cards" don't do anything for credit history of new immigrants.
A new immigrant looking to build credit history and not able to get a CC is
much better off getting a secured CC.
It offers all the protection of Visa/MC as well as builds solid credit, if
used wisely.

Why would anyone want to endanger their financial situation and not build
any credit in return by using those "fake" check cards, is really beyond me.

"John D" <[email protected]> wrote in message
news:[email protected]...
    > I think they're great, what about for new Immigrants to Canada that
doesn't
    > have credit? their only way to get a " credit card" would be a " check
card"
    > , new immigrants don't have access to online buying or anything like that.
    > This also would work very good for people with bad credit, they will be
able
    > to buy online because those cards use the VISA or MC logo.
    > "WebCrawler" <[email protected]> wrote in message
    > news:[email protected]...
    > > "John D" <[email protected]> wrote in message
    > > news:[email protected]...
    > > >
    > > > But we don't have too many options of prepaid cards in Canada, the
    > banking
    > > > system in Canada is obsolete, in the US you open a regular checking
acc
    > > and
    > > > comes with a Check card( debit card with the Visa or MC logo on it)
    > >
    > > That is one thing I hope never catches on in Canada (or in any other
    > > country).
    > > I have warned about the potential dangers of such "fake" MC/Visa cards
in
    > > the past, and will do so again.
    > > They are best cut-up, or left home for most of the time.
    > >
    > > It is simply a way for the banks to make some additional money by taking
a
    > > cut off every CC transaction - it does nothing for the customer and puts
    > > them in great financial danger.
    > >
    > >

Elmar

"John D" <[email protected]> wrote in message
news:[email protected]
    > If check cards are introduced in Canada Interac will go bankrupt, nobody
    > would want to use Interac again,

You have no idea about the banking system and POS network. Interac is very
well spread, time tested, secured, extensive network with lower transaction
fee. Visa/MC network will never be able to compete against Interac. That is
the reason you don't see them in Canada. Because of the higher transaction
fee and terminal installation charge most small business will avoid using
Visa/MC debit card. It is popular in USA because they don't have anything
better like Interac there.

    > it's just useless when you can use your
    > debit card as a credit card also,

Again, debit card can not be used as credit card. It is just that you can
use it on their respective network. But it is insecured, because you can use
it online without any protection from the issuer.

    > if you say "debit" you will enter your
    > PIN number, if you say "credit" you will sign the receipt and go!

You are confused. Most US debit card is a combo of their ATM and debit card.
Again there are two types of debit card POS terminal, online and offline.
For online terminal you use you PIN and transaction is done instantly. For
offline terminal you sign the receipt and go. Money is withhold from your
account until cleared. It is not accepted as credit card. It is just a
natter of through which network the transaction is done - ATM or online
debit or offline debit card network. The business pay different transaction
fee based on the network used.

A lot of people including those sales person don't know the difference. As
soon as they see Visa or MC logo they think that it is credit card and they
call it so.

Webcrawler

"John D" <[email protected]> wrote in message
news:[email protected]...
    > Yeah but that would be great for people with bad credit or no credit at
all,
    > Interac is useless because you can't buy online with Interac, with the U.S
    > debit cards anyone can buy online.

That is exactly the problem with them - *anyone* can buy online and the $$
are deducted straight from your checking account.
A thief's heaven - a perfect prescription for theft as far as thieves are
concerned.

And it does nothing for your credit by using them - nothing at all.
And it will do a lot of harm to your credit if someone takes off with that
number and has a ball before you realise what is happening - your checking
A/C is long gone.

Webcrawler

"DaveExpat" <member17006@british_expats.com> wrote in message
news:[email protected]...
    > 1)
    > If I pay off the credit card balance in full each month will that
    > improve credit history more or less (or the same) as if I leave
    > something outstanding.

The same - except that the bank will love you more for the interest income.
They will be keen to have you as a customer rather than someone who pays off
in full every time.
Unless that is important to you for some reason, pay off in full.
That way you can have credit cards that offer other rewards like cash back
or airline miles.

    > 2) Assuming I pay off in full each month does
    > the absolute amount being charged/paid off make a difference to my
    > credit rating or is it just doing it for n months thats important?

The amount does not matter as long as you are not getting too close to your
total credit line.
So if you have $10,000 on your credit card, try not to use up more than
4,000 - 5,000 each month.

    > 3)
    > If I have a credit limit of say $1000 and pay say $5000 upfront to the
    > card - so its now got $6000 on it to spend will this have any effect on
    > the credit history.

I am not sure whether this will work.
If your credit card only allows you $1,000, any charges above that amount
may get rejected.
Not entirely sure how this works.

Hope this helps some.

Peter Wu

On Wed, 28 Jan 2004 09:08:16 -0500, WebCrawler wrote:

    > "DaveExpat" <member17006@british_expats.com> wrote:

    >> [...]

    >> 3)
    >> If I have a credit limit of say $1000 and pay say $5000 upfront to the
    >> card - so its now got $6000 on it to spend will this have any effect on
    >> the credit history.

    > I am not sure whether this will work.
    > If your credit card only allows you $1,000, any charges above that amount
    > may get rejected.

It would work.

I called my CIBC VISA the other day to increase my credit limit as I was
on a business trip. The rep suggested I prepay the amount in my credit
card account and spend it as if it were the new credit limit. In your
case, if you prepay $5000 to your credit card account, you will have
$6000 available credit to merchants.

I tried this approach and did work for the past few months. However, I do
not know if this can score positively or negatively on my credit
history. Anyway, I had no choice as $1000 limit is too low for someone
that travels frequently.

--
,,,
(o o) Peter Wu
---ooO-(_)-Ooo--- Powered by GNU/Linux 2.4.22

DaveExpat

Thanks for the comments Webcrawler.

I believe you can pay money to the card upfront, as far as the card issuer is concerned you have a positive balance and their system only rejects you when you pass a negative balance of your credit limit with them.

Cheers
Dave

Web_guru2003

Does anyone has experience of using US issued cards in Canada? What if
one carries his/her current US cards, stop the paper billing and keep
on making payments online. I am in pirticular talking about Discover,
BankONE Visa and Providian MasterCard.

Renee

I did that with MBNA, Bank One, and Capital One.

It worked fine. You're right, you do need make online payments, because by
the time your paper bill arrives and you mail a check, your payment would be
late.

The only problem I had was when my Capital One card expired. They refused
to send the replacement to a Canadian address. I argued that they have no
problem sending my BILLS here, but they wouldn't budge so I canceled my
account.

I had my name added to my Canadian husband's Visa account so I wouldn't have
to keep a checking account open in the U.S. But I used my U.S. cards with
online payments from last February through last October with only that one
problem from Capital One. The exchange rate was better in the earlier
months, but hey, I'm glad the Canadian dollar has gotten stronger.

Renee

--
Inland Spouse Timeline so far (U.S. Citizen):
19 Feb 2003: Moved to Calgary from U.S. on 6 month TRV
12 May 2003: Did medicals in Calgary
20 June 2003: Applied for TRV extension
5 July 2003: Wedding Date
18 July 2003: CIC received inland spouse PR application
15 Aug 2003: Received 6 month TRV extension
20 Aug 2003: CIC request for work history dates (which were sent with
application)
21 Aug 2003: CIC received work history reply by overnight post
4 Sept 2003: CIC e-Client finally shows "in process"
21 Nov 2003: Applied for second TRV extension
16 Jan 2004: Received second 6 month TRV extension


"Web_Guru2003" <[email protected]> wrote in message
news:[email protected]...
    > Does anyone has experience of using US issued cards in Canada? What if
    > one carries his/her current US cards, stop the paper billing and keep
    > on making payments online. I am in pirticular talking about Discover,
    > BankONE Visa and Providian MasterCard.

dham

My experiences are the opposite, i.e. that the Canadian credit system is much faster, or at least much more flexible than in the US.

I moved to California in 1998, and it took over a year before I could get a personal credit card, with a low limit, even though I owned a house and a car, had a full-time job, and had cash in the bank.

On moving to Canada, I opened an account at TD-Canada Trust, and they issued me a Visa card on the spot. The max credit limit was only $500, but they increased that to $1000 in only 3 months.

Dave.

dham

I kept using some US credit cards (Visa and Mastercard) for a while after moving to Canada from the US. I kept a US bank account open, and paid the bills online. I told the credit card companies of my address in Canada, and they are happy to mail the bills here. Eventually, I will probably cancel all the US cards, or perhaps just keep one to use on trips to the US.
Dave.

John D

But how much money do you need to have in order to have a "secured cc"??

Sometimes I just feel like buying something from the net without having to
pay interest rates, the money is just debited from my bank acc..

"WebCrawler" <[email protected]> wrote in message
news:[email protected]...
    > Those "check cards" don't do anything for credit history of new
immigrants.
    > A new immigrant looking to build credit history and not able to get a CC
is
    > much better off getting a secured CC.
    > It offers all the protection of Visa/MC as well as builds solid credit, if
    > used wisely.
    > Why would anyone want to endanger their financial situation and not build
    > any credit in return by using those "fake" check cards, is really beyond
me.
    > "John D" <[email protected]> wrote in message
    > news:[email protected]...
    > > I think they're great, what about for new Immigrants to Canada that
    > doesn't
    > > have credit? their only way to get a " credit card" would be a " check
    > card"
    > > , new immigrants don't have access to online buying or anything like
that.
    > >
    > > This also would work very good for people with bad credit, they will be
    > able
    > > to buy online because those cards use the VISA or MC logo.
    > >
    > >
    > >
    > >
    > > "WebCrawler" <[email protected]> wrote in message
    > > news:[email protected]...
    > > > "John D" <[email protected]> wrote in message
    > > > news:[email protected]...
    > > > >
    > > > > But we don't have too many options of prepaid cards in Canada, the
    > > banking
    > > > > system in Canada is obsolete, in the US you open a regular checking
    > acc
    > > > and
    > > > > comes with a Check card( debit card with the Visa or MC logo on it)
    > > >
    > > > That is one thing I hope never catches on in Canada (or in any other
    > > > country).
    > > > I have warned about the potential dangers of such "fake" MC/Visa cards
    > in
    > > > the past, and will do so again.
    > > > They are best cut-up, or left home for most of the time.
    > > >
    > > > It is simply a way for the banks to make some additional money by
taking
    > a
    > > > cut off every CC transaction - it does nothing for the customer and
puts
    > > > them in great financial danger.
    > > >
    > > >
    > >
    > >

John D

""" It is popular in USA because they don't have anything
better like Interac there.""

Yes they have, it's just not called interac, let's say you go to any store ,
you use your check card entering your pin number as you would do with
Interac, you can use it either "debit" or " credit"






"Elmar" <[email protected]> wrote in message
news:[email protected]...
    > "John D" <[email protected]> wrote in message
    > news:[email protected]
    > > If check cards are introduced in Canada Interac will go bankrupt, nobody
    > > would want to use Interac again,
    > You have no idea about the banking system and POS network. Interac is very
    > well spread, time tested, secured, extensive network with lower
transaction
    > fee. Visa/MC network will never be able to compete against Interac. That
is
    > the reason you don't see them in Canada. Because of the higher transaction
    > fee and terminal installation charge most small business will avoid using
    > Visa/MC debit card. It is popular in USA because they don't have anything
    > better like Interac there.
    > > it's just useless when you can use your
    > > debit card as a credit card also,
    > Again, debit card can not be used as credit card. It is just that you can
    > use it on their respective network. But it is insecured, because you can
use
    > it online without any protection from the issuer.
    > > if you say "debit" you will enter your
    > > PIN number, if you say "credit" you will sign the receipt and go!
    > You are confused. Most US debit card is a combo of their ATM and debit
card.
    > Again there are two types of debit card POS terminal, online and offline.
    > For online terminal you use you PIN and transaction is done instantly. For
    > offline terminal you sign the receipt and go. Money is withhold from your
    > account until cleared. It is not accepted as credit card. It is just a
    > natter of through which network the transaction is done - ATM or online
    > debit or offline debit card network. The business pay different
transaction
    > fee based on the network used.
    > A lot of people including those sales person don't know the difference. As
    > soon as they see Visa or MC logo they think that it is credit card and
they
    > call it so.