Students who want to study in Canada must apply for a local bank card of their own, which will be of great help in daily life. Follow the Canadian bank card application guide. How to get your own bank card?
First let’s see if it is difficult to apply for a card?
Having two cards abroad is particularly necessary for students. One is a foreign bank card, and the other is a phone card used for communication. There are many banks in foreign countries, and there are countless mobile phone operators. It takes a lot of knowledge to choose the bank and mobile phone network operator that are most suitable for you.
For foreign students, credit cards are one of the choices for students to shop, live, and pay bills. However, incidents of credit card fraud have occurred frequently abroad recently. Even my friends have been cheated. The experience of having information stolen. Using a credit card abroad does not require a password, only a signature, which makes credit cards not the safest choice abroad. If you put the safety of your property first, it is much better to apply for a local bank card abroad.
Applying for a bank card abroad does not require many procedures, but you can open an account smoothly by bringing all the necessary documents.
Generally speaking, most banks only require a passport to apply for a bank card that belongs to you, while a few banks require a student's proof of enrollment. Generally speaking, when applying for a bank card abroad, it is best to go to a bank close to the school.
Firstly, deposits and withdrawals are more convenient, and secondly, most of the banks here handle card processing for students, so the suggestions in this regard will be more pertinent. There are three major banks in Canada: Toronto-Dominion Bank, RBC and Scotiabank. Students can apply for bank cards according to their own circumstances as mentioned before.
Next, let’s take a look at the things to note when opening a bank account.
1. Types of commercial bank accounts.
The types of accounts opened at Canadian commercial banks are roughly: Checking Account and Saving Account. Checking accounts generally have no or very little interest, but checking accounts are essential for daily life. Daily bills, phone bills, rent, Internet fees, etc. all need to be paid by check. Therefore, individuals should have checking accounts. Some banks stipulate the number of monthly checks and the minimum deposit amount. If you exceed the number of checks, you will be charged extra; if you are below the minimum deposit amount, there will also be a penalty. Issuing a bad check carries a fine of approximately $25. Of course, the checking and savings account of individual Internet banks, such as Manulife Bank of Canada (website), is an exception. It not only has interest (currently the annual interest is 2.55%) but is also calculated on a daily compound interest basis, and the number of monthly checks is not affected. There are no restrictions, and there are no fees for using checks, making them an extremely popular savings option.
2. Deposit and withdrawal rules.
Free deposits, free withdrawals, nationwide network, and customer convenience are the basic principles of bank savings business. Nonetheless, currencies must be distinguished. U.S. dollar fixed deposits cannot be withdrawn in advance, even if liquidated damages are paid. Canadian dollar fixed deposits can be withdrawn in advance, and not only do no interest accrue, but liquidated damages are also required. Be sure to pay attention to this rule when opening an account. Because when you first arrive in a foreign country, it costs a lot to resettle your family. On the other hand, new immigrants don’t have a basic idea of ??Canada’s consumption level, and they have no idea how much they will spend in a month. Therefore, it is recommended to make irregular savings when opening an account, and then make arrangements after getting used to it for a period of time.
3. Charging standards
Canadian commercial banks have high service standards, well-trained employees, and well-organized management, but each bank implements paid services and charges monthly (3- 5 yuan), or charged according to service item and frequency. Some banks stipulate that extra charges will be charged for exceeding the number of services; for each additional check issued, an additional 5 yuan will be charged. Of course, VIP customers (large accounts) enjoy special discounts and may be exempted from monthly fees, check printing fees, etc. After completing the account opening procedures, the bank will immediately issue a temporary bank card, and the customer will receive the official bank card in about two weeks. 4. Credit card. Credit card is an important consumption voucher and credit voucher. With a credit card, you can spend money in any trading place. For new immigrants, because they have no job or credit history in Canada, some banks are unwilling to take the risk and issue credit cards.
Some banks require a deposit, such as 1,000 yuan. Credit card settlement is made on a monthly basis. If the payment deadline is exceeded, the credit card company will impose penalty interest, which will accumulate on a daily basis. Not only that, my personal credit record has been bad since then. I know a new immigrant who returned to China a few months after landing. Because you did not pay your credit card bill on time, you were recorded as having "bad credit" by the credit bureaus. When it came to getting a mortgage, all banks refused to give him a loan, which caused great inconvenience to his life. Therefore, new immigrants must abide by credit card rules and make settlements on schedule.
4. Credit card payments must comply with regulations and be settled on schedule.
A credit card is a voucher that represents a person’s consumption and creditworthiness. In Canada, credit cards can be used anywhere. However, the credit of international students who have just arrived in Canada has not yet been established. Some banks do not dare to risk issuing credit cards, while others require a deposit. It should be noted that using a credit card requires monthly settlement. If you pay late, you will be charged penalty interest and your credit rating will be reduced.
Finally, let’s take a look at how to apply for a Canadian credit card.
There are usually two types of credit cards in Canada, VISA and MASTER. I believe many friends obtained their visas through the SDS project. So many students must have opened an account through Royal Bank of Canada before applying for a visa. Then Royal Bank of Canada uses VISA card, which has five types. For international students who have just gone to Canada, the most suitable one is Visa Classic 2.
In terms of application, when applying for a credit card in Canada, most people need to bring their passport and school letter or student ID. Different banks also need to refer to the date of the student’s study permit, such as RBC and Scotia. The remaining time on the study permit is best It takes more than one year to apply, and TD only needs to pay a deposit of $500, so the study permit has no impact. Credit cards generally have a certain annual fee. In some cases, the annual fee can be waived. You need to consult the specific bank for this. However, many banks have also launched policies such as credit card points and cashback rates to encourage everyone to use credit cards. For example, Scotia's Momentum Visa Infintie has an annual fee of $99 and a 4% return on purchases at all gas stations or grocery stores. You can also get a 2% cash back when you spend at designated stores and pay on time.
Credit card purchases have the following additional benefits: 90 days of product loss and damage insurance; one year extension on the original product warranty; up to 25% off when spending at 4,000 stores that have agreements with Royal Bank; every day You can withdraw 500 Canadian dollars in cash from an ATM; you can make regular monthly repayments, and the credit card company does not charge loan interest. If you can't repay on time, there is a minimum repayment amount, such as 100 Canadian dollars, and other loans charge interest as high as 20% per year, which is like a loan shark. If you can't make the minimum payment, the credit card company will cancel your credit card and lower your credit rating.