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| Subject: Re: The best bank for new immigrants, in Vancouver area!?
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Posted on: Fri, 12 Dec 2003 10:39:51 -0500
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Do you know if any Canadian banks issue unsecured credit cards to new
immigrants?
Does it help if you have a CC account with a US bank, and when you move to
Canada they convert the account to a CAD account without charging any fees
(assuming the bank operates in both US and Canada)?
Thanks.
"Nick B." wrote in message
news:60lCb.6289$8Y4.244884@read2.cgocable.net...
> I've heard of them being done with $500 savings account deposits that are
> signed over to the bank as well, though this seems mich less common, I've
> only ever seen the $1000 limit ones.
>
> "John D" wrote in message
> news:8OjCb.12541$aF2.1451883@news20.bellglobal.com...
> > Hello, so the minimun deposit to open the secured c.c. is $1000?
> >
> >
> > "Nick B." wrote in message
> > news:aeiCb.6211$8Y4.241639@read2.cgocable.net...
> > > I can tell you for absolute certain that TD Canada Trust offers them,
> > > because I work for them and I do them all the time for international
> > > students and the like. You purchase a $1000 GIC and sign a security
> > > agreement (meaning the bank can seize the GIC on non-payment of the
> visa),
> > > and they'll issue you a visa card. Far better than Home Trust which
> > charges
> > > a fortune. I don't know how BMO does it, but I'm quite positive they
> > offer
> > > a secured Mastercard product.
> > >
> > > "John D" wrote in message
> > > news:d9bCb.11095$aF2.1227079@news20.bellglobal.com...
> > > > Hello, I didn't know that, I will contact TD and BMO, to see if they
> > offer
> > > > this.... thanks..
> > > >
> > > >
> > > > John
> > > >
> > > >
> > > > "Nick B." wrote in message
> > > > news:wO9Cb.5057$8Y4.234594@read2.cgocable.net...
> > > > > All the majors banks offer secured credit cards to people with
> > > unimpaired
> > > > > credit. Home Trust caters only to people who have really wrecked
> > their
> > > > > credit.
> > > > >
> > > > > N.
> > > > >
> > > > > "John D" wrote in message
> > > > > news:CV4Cb.9579$aF2.1026676@news20.bellglobal.com...
> > > > > > ""Credit cards are so much better, even secured ones.""
> > > > > >
> > > > > > I think in Canada we have only one option for secured credit
> cards.
> > > Home
> > > > > > trust??
> > > > > >
> > > > > > Another good thing that should be implemented in Canada would be
> > > Prepaid
> > > > > > Visa or MC credit cards, like the Visa Buxx in the US
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > > "WebCrawler" wrote in message
> > > > > > news:ix1Cb.22$L04.14@bignews4.bellsouth.net...
> > > > > > > Yeah, you are right, it depends on the bank.
> > > > > > > I must say your bank was awfully nice to have resolved it that
> > soon.
> > > > > > > Maybe Wachovia is trying to improve its reputation after the
> merge
> > > > with
> > > > > > > FirstUnion.
> > > > > > >
> > > > > > > I have heard callers in consumer talk shows who have had their
> > debit
> > > > > cards
> > > > > > > stolen and the thief went ahead and made purchases over the
> > Internet
> > > > and
> > > > > > > cleared out their bank accounts.
> > > > > > > Then they have to fight the bank to get their own money back.
> > > > > > > Not to mention having to deal with returned checks.
> > > > > > >
> > > > > > > Credit cards are so much better, even secured ones.
> > > > > > >
> > > > > > > I think the best deal out there right now are the single-use
> > credit
> > > > card
> > > > > > > numbers that you use on a per-transaction basis.
> > > > > > > The bank then maps the single-user number to your real account
> > > number
> > > > > for
> > > > > > > only that 1 transaction.
> > > > > > > Your real acount number is never known to anyone but you.
> > > > > > > Even if that single user number later gets stolen, the charges
> > will
> > > > > never
> > > > > > go
> > > > > > > thru.
> > > > > > >
> > > > > > > Currently I think AmEx and Discover are offerring it.
> > > > > > >
> > > > > > > "John D" wrote in message
> > > > > > > news:ta1Cb.7463$aF2.900429@news20.bellglobal.com...
> > > > > > > > Hello, that could be true, but the use of "plastic" money
> > involves
> > > > > risk
> > > > > > no
> > > > > > > > matter if it is debti or credit, I have my Visa check card
> with
> > > > > > WACHOVIA,
> > > > > > > > one time I had a charge from a merchant over the Internet
and
> > they
> > > > > were
> > > > > > > more
> > > > > > > > than happy to return the money into my acc, that also
happened
> > > when
> > > > I
> > > > > > > rented
> > > > > > > > a moving truck and they didnt provide good service, they
just
> > give
> > > > you
> > > > > > an
> > > > > > > > affidavit form to fill out, and then in 1 or 2 days you will
> > > receive
> > > > > the
> > > > > > > > money back in your acc, I guess it also depends the bank
> you're
> > > > > using...
> > > > > > > >
> > > > > > > >
> > > > > > > > John
> > > > > > > >
> > > > > > > > "WebCrawler" wrote in message
> > > > > > > > news:xK0Cb.2$L04.0@bignews4.bellsouth.net...
> > > > > > > > > Sure, unless you run into any problems, everything looks
> good.
> > > > > > > > > But for someone whose card gets stolen, it can be hell.
> > > > > > > > > Or try disputing a charge on your Debit card.
> > > > > > > > > The money is already gone and you have to fight tooth and
> nail
> > > to
> > > > > get
> > > > > > it
> > > > > > > > > back.
> > > > > > > > >
> > > > > > > > > I tell ya, those things are evil - a disaster waiting to
> > happen.
> > > > > > > > > The issue is that the banks make loads of $$ out of it, at
> the
> > > > > expense
> > > > > > > of
> > > > > > > > > the consumers.
> > > > > > > > >
> > > > > > > > > I prefer a situation where you have a standard ATM card,
> which
> > > > only
> > > > > > > works
> > > > > > > > > for ATM cash withdrawals and not over the Internet etc.
> > > > > > > > > For those kinds of things, a true credit card is best
> because
> > > you
> > > > > get
> > > > > > > real
> > > > > > > > > protection.
> > > > > > > > >
> > > > > > > > > My $0.02c.
> > > > > > > > >
> > > > > > > > > "John D" wrote in message
> > > > > > > > > news:%s%Bb.6731$aF2.843534@news20.bellglobal.com...
> > > > > > > > > > I had a Visa check card for many years, no problems at
> all,
> > > > > > > > > >
> > > > > > > > > >
> > > > > > > > > > "WebCrawler" wrote in
message
> > > > > > > > > > news:N__Bb.17637$ou2.556@bignews5.bellsouth.net...
> > > > > > > > > > > I beg to disagree here about the Visa/MC Debit cards.
> > > > > > > > > > > There are some glaring issues with those cards and IMO
> > they
> > > > > should
> > > > > > > not
> > > > > > > > > be
> > > > > > > > > > > used at all.
> > > > > > > > > > > The biggest problem is that whenever you use them, it
> > drafts
> > > > > money
> > > > > > > > from
> > > > > > > > > > your
> > > > > > > > > > > checking account.
> > > > > > > > > > > As a result, money has already gone out of your
account
> > and
> > > > you
> > > > > > may
> > > > > > > > not
> > > > > > > > > > yet
> > > > > > > > > > > have received the goods (like if you order over the
> > > Internet).
> > > > > > > > > > > If something goes wrong, you need to fight with the
bank
> > to
> > > > get
> > > > > > your
> > > > > > > > > money
> > > > > > > > > > > back.
> > > > > > > > > > > How crazy is that?
> > > > > > > > > > >
> > > > > > > > > > > If, on the other hand, it was a regular credit card
that
> > you
> > > > > had,
> > > > > > > you
> > > > > > > > > can
> > > > > > > > > > > always dispute the charge with the bank and be done
with
> > it.
> > > > > > > > > > > No money would have left your hands until the time the
> > > dispute
> > > > > is
> > > > > > > > > resolved
> > > > > > > > > > > between the bank and the merchant.
> > > > > > > > > > > You are protected.
> > > > > > > > > > > But the "fake" Visa/MC don't carry the charge-back
> rights
> > > and
> > > > > the
> > > > > > > same
> > > > > > > > > > level
> > > > > > > > > > > of fraud protection.
> > > > > > > > > > >
> > > > > > > > > > > Another huge issue with those cards is that if they
get
> > > > stolen,
> > > > > > the
> > > > > > > > > thief
> > > > > > > > > > > will have a field day robbing your checking account.
> > > > > > > > > > > You could have several thousand $$ in your checking
> > account
> > > > and
> > > > > it
> > > > > > > > could
> > > > > > > > > > be
> > > > > > > > > > > gone in seconds.
> > > > > > > > > > > At the same time, the checks you had written would be
> > > bouncing
> > > > > all
> > > > > > > > over
> > > > > > > > > > the
> > > > > > > > > > > place because there is no money in the checking
account.
> > > > > > > > > > > With a regular credit card, you are protected against
> all
> > > > > > fraudulent
> > > > > > > > > > > charges - no money leaves your hands and you are not
> > liable
> > > > for
> > > > > > one
> > > > > > > > red
> > > > > > > > > > > cent.
> > > > > > > > > > >
> > > > > > > > > > > Those Visa/MC Debit cards are a nightmare.
> > > > > > > > > > > They should never be issued by the bank at all, and if
> > > issued,
> > > > > the
> > > > > > > > first
> > > > > > > > > > > thing you ought to do with them is cut them up real
good
> > and
> > > > > trash
> > > > > > > > them.
> > > > > > > > > > >
> > > > > > > > > > > Here in the US, they are becoming a bigger and bigger
> > > > problem -
> > > > > I
> > > > > > am
> > > > > > > > > glad
> > > > > > > > > > > that Canada doesn't have them.
> > > > > > > > > > > And I hope it never catches on in Canada.
> > > > > > > > > > >
> > > > > > > > > > > Best regards.
> > > > > > > > > > >
> > > > > > > > > > > "Nick B." wrote
in
> > > > message
> > > > > > > > > > > news:gfZBb.1477$mV5.1393@read1.cgocable.net...
> > > > > > > > > > > > Those are not visa debit cards, they are secured
> credit
> > > > cards.
> > > > > > > Visa
> > > > > > > > > and
> > > > > > > > > > > > Mastercard do not issue debit cards in Canada
because
> > > there
> > > > > has
> > > > > > > been
> > > > > > > > > no
> > > > > > > > > > > real
> > > > > > > > > > > > market for them. Every time I talk to product
> > development
> > > > at
> > > > > > the
> > > > > > > > bank
> > > > > > > > > I
> > > > > > > > > > > > work for I suggest that we work on something like
> > "cheque
> > > > > cards"
> > > > > > > in
> > > > > > > > > the
> > > > > > > > > > US
> > > > > > > > > > > > that work online. However, having read what the
fees
> > for
> > > > > using
> > > > > > > such
> > > > > > > > > > cards
> > > > > > > > > > > > in the US is (and presumably would be here), I'm not
> > > > entirely
> > > > > > sure
> > > > > > > > > > people
> > > > > > > > > > > > would use them since Interac is cheaper for most
> > purchases
> > > > and
> > > > > > for
> > > > > > > > > > > merchants
> > > > > > > > > > > > as well.
> > > > > > > > > > > >
> > > > > > > > > > > > N.
> > > > > > > > > > > > "maltchev" wrote in message
> > > > > > > > > > > > news:IjUBb.657916$9l5.380113@pd7tw2no...
> > > > > > > > > > > > > sorry to disappoint you. there are visa "debit"
> cards
> > > and
> > > > > the
> > > > > > > > actual
> > > > > > > > > > > term
> > > > > > > > > > > > is
> > > > > > > > > > > > > "secured credit cards".
> > > > > > > > > > > > > many banks offer them. (TD for sure)
> > > > > > > > > > > > >
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