OT: Which Canadian financial institutions give credit card to new immigrant?
Aug 28, 2005, 9:10 am
#1
Original Poster
Join Date: Sep 2000
Location: Ottawa, Ontario, Canada
Programs: Aeroplan SE AND 1MM, HHonors Gold, Marriott Bonvoy Platinum , L'Accor Platinum
Posts: 9,580
OT: Which Canadian financial institutions give credit card to new immigrant?
My sister-in-law immigrated to Canada over a year ago, and is looking for a job now.
I have asked her to go to some Canadian bank branches, to explore if she can be given a "secured" credit card - eg a credit card secured against a minimum amount of money in bank account, and the maximal credit limit related to that amount in the bank account. So far, the local Bank of Montreal branch, and branches of Scotia and of Royal Bank in Toronto, have indicated that they do not offer that option.
Does anyone know if any Canadian financial institutions do offer that option?
PS-We are not interested in obtaining a companion credit card for her attached to my or my wife's credit card.
I have asked her to go to some Canadian bank branches, to explore if she can be given a "secured" credit card - eg a credit card secured against a minimum amount of money in bank account, and the maximal credit limit related to that amount in the bank account. So far, the local Bank of Montreal branch, and branches of Scotia and of Royal Bank in Toronto, have indicated that they do not offer that option.
Does anyone know if any Canadian financial institutions do offer that option?
PS-We are not interested in obtaining a companion credit card for her attached to my or my wife's credit card.
Aug 28, 2005, 9:16 am
#2
Join Date: Jun 2004
Programs: Aeroplan,AA
Posts: 158
Where is she immigrating from? MBNA Canada gave me a card but it may be because I had an account with MBNA US when I moved. I believe TD has a secured card which is a lousy deal but a place to start. I have found the best thing for banking/credit in this country has been a good relationship with a personal banker.
Originally Posted by FlyerGoldII
My sister-in-law immigrated to Canada over a year ago, and is looking for a job now.
I have asked her to go to some Canadian bank branches, to explore if she can be given a "secured" credit card - eg a credit card secured against a minimum amount of money in bank account, and the maximal credit limit related to that amount in the bank account. So far, the local Bank of Montreal branch, and branches of Scotia and of Royal Bank in Toronto, have indicated that they do not offer that option.
Does anyone know if any Canadian financial institutions do offer that option?
PS-We are not interested in obtaining a companion credit card for her attached to my or my wife's credit card.
I have asked her to go to some Canadian bank branches, to explore if she can be given a "secured" credit card - eg a credit card secured against a minimum amount of money in bank account, and the maximal credit limit related to that amount in the bank account. So far, the local Bank of Montreal branch, and branches of Scotia and of Royal Bank in Toronto, have indicated that they do not offer that option.
Does anyone know if any Canadian financial institutions do offer that option?
PS-We are not interested in obtaining a companion credit card for her attached to my or my wife's credit card.
Aug 28, 2005, 9:16 am
#3
Join Date: Aug 2002
Location: YYZ/MGA
Programs: AA 1MM Lifetime Gold, AA Platinum, WS Gold, Marriott Bonvoy Gold
Posts: 7,607
Home Trust IIRC, offers a secured card aimed mostly at bankrupts but the same idea - secured with a collateral account. Frankly for the lack of risk they have the fees and the interest rates are no bargain but it is a Visa card and it is in the person's name based on the collateral so try that.
http://www.hometrust.ca/securedvisa/ is the link you want.
http://www.hometrust.ca/securedvisa/ is the link you want.
Last edited by ricktoronto; Aug 28, 2005 at 9:26 am
Aug 28, 2005, 9:18 am
#4
Join Date: Aug 2002
Location: YYZ/MGA
Programs: AA 1MM Lifetime Gold, AA Platinum, WS Gold, Marriott Bonvoy Gold
Posts: 7,607
Originally Posted by punkis
I have found the best thing for banking/credit in this country has been a good relationship with a personal banker.
Aug 28, 2005, 9:18 am
#5
Original Poster
Join Date: Sep 2000
Location: Ottawa, Ontario, Canada
Programs: Aeroplan SE AND 1MM, HHonors Gold, Marriott Bonvoy Platinum , L'Accor Platinum
Posts: 9,580
Originally Posted by punkis
Where is she immigrating from? MBNA Canada gave me a card but it may be because I had an account with MBNA US when I moved. I believe TD has a secured card which is a lousy deal but a place to start. I have found the best thing for banking/credit in this country has been a good relationship with a personal banker.
Aug 28, 2005, 9:26 am
#7
Join Date: Mar 2001
Location: Toronto, ON
Programs: AC 75K
Posts: 6,363
Not sure about other banks, but for BMO I wouldn't take the branch employees word for it. The Branch and Credit Card operations aren't integrated well at all. I would recommend contacting the Lending department of Mosaik directly. Branches have no authority over decisions relating to BMO credit cards. A cash secured card was offered at one time, not sure if it still does.
Aug 28, 2005, 9:27 am
#8
Join Date: Aug 2002
Location: YYZ/MGA
Programs: AA 1MM Lifetime Gold, AA Platinum, WS Gold, Marriott Bonvoy Gold
Posts: 7,607
None of the major banks will bother with this owing to issues around linking the collateral to the card and controlling overlimit situations etc., whereas a line of credit or loan is easy. Home Trust is the de facto specialist for this specific need.
Aug 28, 2005, 9:29 am
#9
Join Date: Aug 2002
Location: YYZ/MGA
Programs: AA 1MM Lifetime Gold, AA Platinum, WS Gold, Marriott Bonvoy Gold
Posts: 7,607
Originally Posted by highflyer88
Someone who already has good credit here could co-sign for it.
Aug 28, 2005, 9:30 am
#10
Join Date: Jun 2001
Location: YYZ
Programs: AC*E
Posts: 354
Originally Posted by ricktoronto
They are then on the hook for losses which makes secondary cardholder status a bonehead move really. You don't cosign for cards - you add the person as a supplementary cardholder (to YOUR account) which the OP said he doesn't want to do and I don't blame him one bit.
A while ago, one of my friends was declined a BMO MC. He was offered the opportunity to apply for a 'pre-paid' MC (credit limit set to $0), where he had to make a payment to his MC in advance of using it. After awhile, the bank would gradually increase his post-paid credit limit.
Last edited by highflyer88; Aug 28, 2005 at 9:34 am
Aug 28, 2005, 10:05 am
#13
At Large
Join Date: Jan 2002
Location: oakville Ontario canada;AC*SE
Posts: 16,985
CIBC does have asecured credit card option; Some friends of mine immigrated here from Palestine and when he opened his CIBC banked account he dumped 50K into it they gave him a CC and attached 5K from his deposit for one year.
Aug 28, 2005, 4:38 pm
#14
Join Date: Mar 2003
Posts: 39
Appreciate the info here - I am a Brit studying in Canada and currently caught in the "no credit history no cc" vicious cycle. I racked up multiple rejections for cc's from MBNA (apparently you have to be a Canadian citizen/applying for citizenship) Citicard, and others I forget.
I even got rejected for a Futurshop card - now there is a low blow! Good credit history in the UK holds no water in Canada that is for sure. I am currently a second card holder on a credit card with my boyf, but hopefully this advice will get me a credit history over here!
I even got rejected for a Futurshop card - now there is a low blow! Good credit history in the UK holds no water in Canada that is for sure. I am currently a second card holder on a credit card with my boyf, but hopefully this advice will get me a credit history over here!