Canadian banks will judge the credibility of international students according to their financial situation, such as whether they have a stable job and income. If they meet the requirements, some banks or credit institutions will issue small credit cards to international students first.
1, Canadian mortgage credit card
Born in Canada, if you don't find a part-time job, you won't have a fixed income, so all credit card applications should start from scratch. In this case, the best way is to apply for a mortgage credit card. Mortgaged credit cards must be mortgaged by the international students themselves in the bank. Usually, the mortgaged item is the deposit in the ordinary bank account of international students, and the balance must be higher than the credit limit applied by international students.
Banks in Canada will decide whether to approve the request of foreign students to convert mortgage credit cards into ordinary credit cards according to the use of mortgage credit cards operated by foreign students or the improvement of their economic situation. Basically, as long as international students maintain good credit, they can eventually be converted into ordinary credit cards.
2. Canada Guaranteed Credit Card
During this period, if international students do not have enough cash as collateral, they can also apply for a credit card through a guarantor. The guarantor is a relative or friend of a Canadian student, and the guarantor must have a stable source of income. However, international students must make it clear that once they swipe their cards, the bank will seek recourse from the guarantor.
3. Credit cards of Canadian department stores
Another way to establish your own credit record in Canada is to apply for a credit card from some department stores first. These credit cards are used by department stores to attract customers. They are characterized by high interest rate and short repayment period, and are only used by card issuing companies.
Credit cards issued by Canadian department stores sometimes automatically charge shopping insurance premiums. Although this fee is not very high, it is often boring. Of course, the advantage of this kind of insurance is that international students don't have to pay it back once they encounter certain situations. Of course, the practical value is not very high.
After applying for the first credit card in Canada, what international students need to do is to keep a good credit record, swipe their cards frequently and repay in time, so that they can easily become high-quality customers in the minds of Canadian banks, and invitations for various credit card applications will automatically come to you in the future.