Applying for Credit Card Is Almost a Must for Immigrants to Canada
Most of us were, as it seemed to us, fairly indignant at the Bank of America policy to provide legal credit card applications to undocumented immigrants working in the country. However, from the point of view of democratic freedoms and civil rights, we appeared to be sadly mistaken.
A country which economy is driven by credit is an alluring place to settle in but is inhospitable for those without at least some little credit history. Canadian government is getting on to the fact that no financial operation, be it a purchase, a car rental or hotel stay, can pass without a credit card and so it has admitted the possibility for immigrants to start their own credit file in the country.
Canada has always welcomed newcomers striving to become Canadian citizens. Realizing the necessity for immigrants to build credit history meeting the requirements of the country's credit card industry, the government has introduced a special secured credit card. Managed wisely, this card can give a good start for one's credit file and grant access to regular Canadian credit cards with competitive rates and profitable reward programs.
Now, what does the Canadian government promise to all those passing customs through Immigration Canada? You are lucky if you have chosen this very country for permanent stay as you are given all the chances to get started. Your previous credit rating does not really matter as long as you show strong determination to repair your credit and build a high credit score in Canada.
Of course, you can't expect to qualify for best rates unsecured credit card products just straight off you land on the shores. Canadian credit card industry has all the reasons to protect itself and the fact that you may be poorly educated concerning credit cards, keeps it from throwing about its basic credit products.
The best option in the situation with an immigrant would be a secured credit card from either Visa or MasterCard that can build a good Canadian credit history. They say it is only a matter of time and responsible credit card use that can make you a full-grown and financially capable Canadian.
A Canadian issued secured credit card is easy and efficient in its use. Carrying all the customer responsibilities and credit benefits of a regular credit card, the secured plastic allows you to establish a favorable credit rating by reporting to credit bureausoperating in Canada - Trans Union and Equifax.
If you are lucky to establish good credit history in Canada, you will be able to deal with more Canadian merchants, apply for unique credit cards, personal loans, auto loans and even home mortgage. If you mischance to get in credit card debt, such services as credit counseling and debt consolidation, are also available to you.
Doesn't all this make the idea of immigrating to Canada and using its financial resources for making your life well-grounded and happy irresistible?