Personal Finance

CC with lower limit

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  • Nov 8th, 2011 10:58 pm
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Sr. Member
Nov 9, 2008
815 posts
464 upvotes
Ottawa

CC with lower limit

I know many banks in europe offer an additional card with a lower limit for online purchases.

Banks here, in Canada only give you a card with a big limit and say you are not responsible for fraud if it ever happens.. What they fail to tell you is that you will need to pay for it , and then dispute it (which i dont like)


is there a way to get a card that has a $500 limit? or a prepaid credit card that you can load money and use as you wish?

you could `load` $99 for a $99 bill you need to pay, and that'd be it.


i know it exists in other countries/banks... how about in canada?

thank you!
5 replies
Deal Addict
Mar 2, 2005
2033 posts
334 upvotes
You can get a simple no-frills VISA/MC with a $500 limit. That's what I have and remember they can't increase your limits without your consent. Secondly, the only prepaid card in Canada that makes some sense is the BMO Prepaid. One time activation fees of $10 and after that its free.

Hope this helps.
Sr. Member
Dec 17, 2006
587 posts
112 upvotes
MBNA mastercard allows you to split the approved credit limit. So if you are approved for $5000, you can have one card with $4500 and the other one with $500 limit.
Deal Fanatic
User avatar
Mar 20, 2009
8862 posts
2693 upvotes
Vancouver
With TD Visa I asked them for a separate Visa Rewards (no fee) credit card with a low limit, and they said they could simply split off part of my existing Visa Infinite credit to the Visa Rewards card (like zombie999 above with Mastercard). That worked fine for me.
Deal Addict
Apr 5, 2007
3069 posts
7283 upvotes
d5486 wrote: or a prepaid credit card that you can load money and use as you wish?

you could `load` $99 for a $99 bill you need to pay, and that'd be it.

i know it exists in other countries/banks... how about in canada?

thank you!

There's an entire thread about prepaid credit cards on the forum: http://forums.redflagdeals.com/prepaid- ... ds-532830/
Deal Fanatic
User avatar
Nov 23, 2005
9005 posts
5728 upvotes
d5486 wrote: Banks here, in Canada only give you a card with a big limit and say you are not responsible for fraud if it ever happens.. What they fail to tell you is that you will need to pay for it , and then dispute it (which i dont like)


If it is truly fraud (ie. A pattern of suspicious transactions one after another), customer should not be paying for those. Instead, the issuing bank has to send it off to their investigator and the account is supposed to be given temporary credits while the investigation is ongoing.

The only time I can see the bank asking your to pay for it is when there is one or two transactions in lower amounts and customer claims it is fraud.

I have personally seen close to $100k fraud on accounts and customer never had to pay; bank dealt with it.

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