Many students will choose to study in Canada. So what should international students in Canada pay attention to when applying for a credit card? Let’s take a look together! Below is the relevant information I compiled, welcome to read.

Application and precautions for credit cards for international students in Canada

1. How to apply for Canadian credit cards

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 up to 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.

2. Things to note when applying for a Canadian credit card

Facing the promotional temptations of many “new” or “low-interest” credit cards, international students must be careful and choose carefully, because it seems that “ "Ideal" credit cards are often the most deceptive. Never sign a contract with a bank or trust company you have never heard of, and don't easily believe those ridiculously favorable terms.

1. Providing "low-interest" payment is the first choice to promote this type of credit card. The so-called "low interest rate" is usually only valid for a very limited period of time. It is usually stated in the small print of the application form. These terms must be read carefully word for word. Generally, within a few months, this low interest rate will be adjusted to the same as the current interest rate, and will continue to rise with the increase in loan interest rates every year.

2. Please pay attention to the annual fee of your credit card.

3. Please pay attention to the date of payment and the credit rating specified by the credit card.

4. Before filling out the credit card application form, read each relevant clause carefully and do not act rashly. If consumers are delayed in paying their credit card bills or encounter trouble with large credit card payments, consumers can seek help from the Credit Card Consultation Center.