One of the main problems immigrants have to face is the "no credit" problem, and it can probe to be very difficult to overcome if you don't have the money and knowlegde. I have read a lot about different banks, the pros and cons, the personal accounts and benefits they offer, and every single thing people say about them, and I haven't found one bank you can say "this one is the best one" or "this one is the worst one" without finding someone stating the contrary ;) but I'm going to open my bank account with Royal Bank of Canada (RBC) or Scotia Bank, since those are the best ones I have found for me.
I got a great tip with RBC to get a VISA credit card, and I'm sure you could get the same deal in almost any other bank.
When you open your bank account, you should get a Guaranteed Investment Certificate (GIC). These certificates are cero risk, so you won't loose your money with a bad investment, it gives less interests but it can get you a credit card ;)
So you need to ask for a classic visa credit card using this certificate as a guarantee, and assuming you have a $2000 certificate, you could get a credit for around $1800, not bad at all :D
Do you have other tips you would want to share?
2 comments:
I didn't even know that !
I got a credit card fairly easily cause I was a student at the time, so I applied for a student one with a low limit ($500). Then I upgraded. It's just a matter of putting your feet in the door !
Scotiabank is very good so far - it's my bank. I was with the CIBC before but I hated their service. Don't forget to negotiate service fees etc when you get there - I got no service fee for a year just by asking !
hahaha Zhu xD I suppose that it's something not a lot of people know then ^^ Thanks for the tip about students cards, I read that some time ago but I forgot about it!
Now that you mentioned that about Scotiabank, it has one point more in the pros with me :)
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