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How to Get a Credit Card in Canada

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How to Get a Credit Card in Canada

How to Get a Credit Card In Canada, Types of Credit Cards, Classification of Credit Cards, Difference between Visa & MasterCard.

They are types of credit card in use in Canada, in this article, we will discuss on the types of Credit Cards and their uses, as well as, How to Get a Credit Card in Canada.

How to Get a Credit Card in Canada

There are three types of credit card account:

  • Credit cards issued by banks (such as Visa and MasterCard)
  • Store /priority cards (example Bay and Sears)
  • Travel/entertainment cards also known as (American Express or Diner’s Club)

In Canada, there are different types of credit cards

They are as follows:

  • Rewards Credit Cards
  • Premium Rewards Cards
  • Credit Cards for Big Purchases or Transferring Debt
  • Credit Cards for Students, Bad Credit or Establishing Credit
  • Retail Credit Cards
  • Charge Cards
  • Business Credit Cards.

What do I need to open a bank account in Canada as an international student?

When going to open an account to you will need two forms of ID out of the following:

Things to you need to open a bank account in Canada as an international student

  • Passport
  • Letter of acceptance
  • Study permit
  • Temporal permit (IMM Form 1442, 1208, 1102)
  • Canadian or USA driver’s license
  • Canadian government identification card
  • Traveler’s cheques.

What are the Classifications of Credit?

Credit: can be classified on basis of Time, Purpose, security, lenders, and borrowers. The classification on the basis of time classifies credit into three major areas as Short, medium, and long-term.

Types of credit

  • Installment
  • Open credit
  • Revolving credit.

How to can I get a Credit Card for the first?

How to get a Credit for the first time:

  • See if you have a credit report and score
  • Determine whether student credit cards are an option
  • Compare your secure to cards with the lowest fees
  • Limit your search to cards with the lowest fees
  • select the best remaining offer for your requirements
  • Submit your credit card application

Difference between MasterCard and Debit card:

Many types of debit cards and credit cards have similar features. Normally both cards carry the logo of a major credit card company, such as Visa or MasterCard, and both can be swiped at retailers to purchase goods and services.  A debit card uses funds from your bank account.

 

What is the difference between Debit Card and a Credit Card?

Debit Cards: gives you to use money by drawing on funds you have deposited at the bank

Credit Cards: allow you to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash.

The 8 different types of cards generally:

  • Cashback Credit cards.
  • Rewards Credit cards.
  • Balance transfer Credit Cards.
  • Zero percent APR credit cards and low-interest credit cards.
  • Business credit cards.
  • Student credit cards.
  • Secured credit cards.
  • Travel credit cards.

you can see also how to apply for a visa here

see also >>>>>>>Embassy Visa Fees for Students Tourist and Visitors

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