Nick B.

Only problem is the exchange rates are terrible with credit cards - that's
why I have an account and a check card with a U.S. bank to do my
cross-border transactions.

"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.

John D

wow, that's pretty high considering that you can have a secured CC in the
US with $200



"Nick B." <[email protected]> wrote in message
news:[email protected]...
    > Most banks it's $1,000.
    > "John D" <[email protected]> wrote in message
    > news:[email protected]...
    > > Thanks a lot Webcrawler for your explanation, everything makes sense to
    > me,
    > > I will try to contact a Canadian bank to see how much is the minimun
    > deposit
    > > for a secured CC, thanks a lot again!
    > >
    > > John
    > >
    > > "WebCrawler" <[email protected]> wrote in message
    > > news:[email protected]...
    > > > John --
    > > >
    > > > When you apply for a secured card, usually banks will ask for 100%
    > > deposit.
    > > > So to get a $5,000 CC you will need to provide them $5,000 as deposit.
    > > > Usually the deposit is in the form of a Savings account, which means
    > that
    > > > your money earns interest while being a security deposit.
    > > > To me, that's a win-win situation.
    > > >
    > > > The secured CC you get in this way will help you build solid credit -
if
    > > > used wisely.
    > > > Once the deposit period is over (either 6 months or 1 year), the bank
    > will
    > > > release the deposit and you are free to do whatever you want with that
    > > > money - keep it in the same bank or move it elsewhere.
    > > >
    > > > The "fake" check cards don't help you build any credit - it is simply
a
    > > way
    > > > for the banks to get a cut off percentage in every transaction you
make.
    > > >
    > > > The best part about "real" credit cards (secured or not) is that you
    > have
    > > > 100% protection from fraud and theft guaranteed by Visa/MC.
    > > > You don't get that with a check card.
    > > >
    > > > You mention buying online - that is just about the worst transaction
you
    > > can
    > > > do with a check card.
    > > >
    > > > In the past several years, many online merchants (or clearing houses)
    > > > systems have been hacked into and their customers' CC numbers stolen
by
    > > > hackers based abroad.
    > > > US/Canada law can rarely touch these foreign hackers, but they will
have
    > a
    > > > gala time with the card numbers that they have stolen.
    > > >
    > > > Those people whose credit card numbers got stolen are protected, but
the
    > > > ones using check cards are not protected.
    > > > They will see their entire checking accounts disappear overnight -
    > > sometimes
    > > > many thousands of $$.
    > > >
    > > > A lot of people link their checking and savings accounts too using the
    > > same
    > > > check card.
    > > >
    > > > When theft occurs, the thief will clear out all accounts linked to the
    > > card.
    > > >
    > > > I don't see any benefit whatsoever in these check cards - they are a
    > > bad-bad
    > > > deal for the customer and a good-good deal for the bank.
    > > >
    > > > They are best cut-up or left under lock and key - never to be used.
    > > >
    > > > Best wishes.
    > > >
    > > > "John D" <[email protected]> wrote in message
    > > > news:[email protected]...
    > > > > 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.
    > > > > > > >
    > > > > > > >
    > > > > > >
    > > > > > >
    > > > > >
    > > > > >
    > > > >
    > > > >
    > > >
    > > >
    > >
    > >

Nick B.

Such secured lending still involves risks, and there are not many sub-prime
lenders in Canada willing to take on such risk. With the $1,000 minimum, at
least some sort of savings pattern is evidenced by the person being able to
save up the $1,000.

"John D" <[email protected]> wrote in message
news:[email protected]...
    > wow, that's pretty high considering that you can have a secured CC in the
    > US with $200
    > "Nick B." <[email protected]> wrote in message
    > news:[email protected]...
    > > Most banks it's $1,000.
    > >
    > > "John D" <[email protected]> wrote in message
    > > news:[email protected]...
    > > > Thanks a lot Webcrawler for your explanation, everything makes sense
to
    > > me,
    > > > I will try to contact a Canadian bank to see how much is the minimun
    > > deposit
    > > > for a secured CC, thanks a lot again!
    > > >
    > > > John
    > > >
    > > > "WebCrawler" <[email protected]> wrote in message
    > > > news:[email protected]...
    > > > > John --
    > > > >
    > > > > When you apply for a secured card, usually banks will ask for 100%
    > > > deposit.
    > > > > So to get a $5,000 CC you will need to provide them $5,000 as
deposit.
    > > > > Usually the deposit is in the form of a Savings account, which means
    > > that
    > > > > your money earns interest while being a security deposit.
    > > > > To me, that's a win-win situation.
    > > > >
    > > > > The secured CC you get in this way will help you build solid
credit -
    > if
    > > > > used wisely.
    > > > > Once the deposit period is over (either 6 months or 1 year), the
bank
    > > will
    > > > > release the deposit and you are free to do whatever you want with
that
    > > > > money - keep it in the same bank or move it elsewhere.
    > > > >
    > > > > The "fake" check cards don't help you build any credit - it is
simply
    > a
    > > > way
    > > > > for the banks to get a cut off percentage in every transaction you
    > make.
    > > > >
    > > > > The best part about "real" credit cards (secured or not) is that you
    > > have
    > > > > 100% protection from fraud and theft guaranteed by Visa/MC.
    > > > > You don't get that with a check card.
    > > > >
    > > > > You mention buying online - that is just about the worst transaction
    > you
    > > > can
    > > > > do with a check card.
    > > > >
    > > > > In the past several years, many online merchants (or clearing
houses)
    > > > > systems have been hacked into and their customers' CC numbers stolen
    > by
    > > > > hackers based abroad.
    > > > > US/Canada law can rarely touch these foreign hackers, but they will
    > have
    > > a
    > > > > gala time with the card numbers that they have stolen.
    > > > >
    > > > > Those people whose credit card numbers got stolen are protected, but
    > the
    > > > > ones using check cards are not protected.
    > > > > They will see their entire checking accounts disappear overnight -
    > > > sometimes
    > > > > many thousands of $$.
    > > > >
    > > > > A lot of people link their checking and savings accounts too using
the
    > > > same
    > > > > check card.
    > > > >
    > > > > When theft occurs, the thief will clear out all accounts linked to
the
    > > > card.
    > > > >
    > > > > I don't see any benefit whatsoever in these check cards - they are a
    > > > bad-bad
    > > > > deal for the customer and a good-good deal for the bank.
    > > > >
    > > > > They are best cut-up or left under lock and key - never to be used.
    > > > >
    > > > > Best wishes.
    > > > >
    > > > > "John D" <[email protected]> wrote in message
    > > > > news:[email protected]...
    > > > > > 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.
    > > > > > > > >
    > > > > > > > >
    > > > > > > >
    > > > > > > >
    > > > > > >
    > > > > > >
    > > > > >
    > > > > >
    > > > >
    > > > >
    > > >
    > > >
    > >
    > >

MrBen

Hmm... Although Canadian creditors will not check the American immigrant's credit history, will CIC check it during the application process? I know they don't care whether or not you have good credit, but would they check it for unpaid debts?

I'm considering bringing my wife to Canada (we're in the US together now, but I'm Canadian). She had a bad experience with an ex of hers who racked up 2 credit cards (to about $5,000 US) and she has no way of paying them. Will CIC refuse an immigration application based on an unpaid debt in the applicant's home country?

Rich Wales

"Nick B." wrote:

> In recent years, most of the major banks have removed
> any such approval authority from branches. I work for
> TD Canada Trust, and we have absolutely no ability to
> authorize credit of any sort in the branch.

When I applied for credit in early 1993 (shortly after landing),
my first Canadian credit card was a CIBC VISA with a C$500 limit.

The card was authorized by the branch -- the main CIBC organiza-
tion was unwilling to consider my US credit history at all and
insisted on treating me as if I had never had credit before in
my life -- and I was told that if I defaulted, the local branch
management would have been held liable by CIBC's high muckamucks.
They called this status "branch recourse".

Eventually -- after six months or a year, I don't remember exactly
how long -- they removed the branch recourse label from my account
and raised my credit limit.

Rich Wales [email protected] http://www.richw.org
*NOTE: I've lived in both Canada and the US and have dual citizenship.
*DISCLAIMER: I am not a lawyer, professional immigration consultant,
or consular officer. My comments are for discussion purposes only and
are not intended to be relied upon as legal or professional advice.

Nick B.

Branch authorizations used to be common, but no longer. The risk involved
is too great, and it lead to scandals over conflicts of interest and
inappropriate lending. As such, everything with all the Big 5 as far as I
know goes through an approval process outside the branch.

"Rich Wales" <[email protected]> wrote in message
news:[email protected]...
    > "Nick B." wrote:
    > > In recent years, most of the major banks have removed
    > > any such approval authority from branches. I work for
    > > TD Canada Trust, and we have absolutely no ability to
    > > authorize credit of any sort in the branch.
    > When I applied for credit in early 1993 (shortly after landing),
    > my first Canadian credit card was a CIBC VISA with a C$500 limit.
    > The card was authorized by the branch -- the main CIBC organiza-
    > tion was unwilling to consider my US credit history at all and
    > insisted on treating me as if I had never had credit before in
    > my life -- and I was told that if I defaulted, the local branch
    > management would have been held liable by CIBC's high muckamucks.
    > They called this status "branch recourse".
    > Eventually -- after six months or a year, I don't remember exactly
    > how long -- they removed the branch recourse label from my account
    > and raised my credit limit.
    > Rich Wales [email protected] http://www.richw.org
    > *NOTE: I've lived in both Canada and the US and have dual citizenship.
    > *DISCLAIMER: I am not a lawyer, professional immigration consultant,
    > or consular officer. My comments are for discussion purposes only and
    > are not intended to be relied upon as legal or professional advice.