First Credit Card

[Medellin]

What should I get? No idea at all

[tng11]

I assume you're a student?

Go with whatever bank you've been banking with the longest, it'll increase your chances of being approved greatly, all student cards are pretty mediocre but when you build up some credit you'll get better ones in no time

TD Rebate Rewards is a pretty decent first card with 0.5% cashback on up to $3,000 and 1% over that amount (capped, I believe). BMO, Scotia, CIBC offer pretty much the same cashback cards and RBC offers it's own reward program

[Medellin]

I'm using TD right now, I'll look into that. thanks

[angel_wing0]

since its your first cc, go for the td green. Once u get some history (1 year+) with u paying your bills on time and such, then apply for the td rebate 1%.

[tng11]

since its your first cc, go for the td green. Once u get some history (1 year+) with u paying your bills on time and such, then apply for the td rebate 1%.

I got the TD rebate on my 18th birthday. The personal banker told me to go for the rebate over the green as they were the same requirements

Weirdly enough the Rebate Rewards is missing the extended warranty while the Green has it.

[StefanS]

Yeah, you can get the TD Rebate Rewards for the same requirements as Green. Seconding going the TD route as well if TD is your primary bank. You can manage your credit card online on the same page as your bank account and easily transfer funds to pay off a balance.

[VivienM]

What should I get? No idea at all

Try BMO Mosaik. A bit easier to get than others, perhaps, and they have a decent reward program for a student card...

Ideally, I'd suggest you try and get both a TD Visa and a MasterCard from somewhere. You'll get lousy limits ($500-600) on both. Eventually, though, it'll be good for your credit history...

[Nyte]

Try BMO Mosaik. A bit easier to get than others, perhaps, and they have a decent reward program for a student card...

Speaking of it, try to get the BMO Mosaik SPC card if they still have it.

[HammerRFDer]

But watch out for those overlimit fees if you hit your credit "limit".

I'm going to give a scolding to TD tomorrow about that one...

[blahing]

I got my first credit card last week! I got a BMO mosiak with 0.5% cash back, and extended warranty, plus a bunch of other benefits.

[angel_wing0]

I got the TD rebate on my 18th birthday. The personal banker told me to go for the rebate over the green as they were the same requirements

Weirdly enough the Rebate Rewards is missing the extended warranty while the Green has it.

oh really eh,. then my bad.

[Medellin]

umm so how does it work? if i owe say 500 bucks, how much is the min. monthly payment?

[D582]

umm so how does it work? if i owe say 500 bucks, how much is the min. monthly payment?

That depends on the card. But you really shouldn't carry a balance like that at the high interest rates they charge. If you owe $500, you really should be paying it off, especially if this is your first card and you have no credit history. Don't use the card to spend money you don't have.

[Mayoo]

If you are student then you can get CIBC Classic for students.

http://www.cibc.com/ca/visa/classic-visa-students.html

Credit limit:
$500 minimum

Household income:
$1,200 minimum

Annual fee:
No annual fee
Current Regular Interest rate: 18.5%1

That is how my financial life started back then in 2001

[Medellin]

That depends on the card. But you really shouldn't carry a balance like that at the high interest rates they charge. If you owe $500, you really should be paying it off, especially if this is your first card and you have no credit history. Don't use the card to spend money you don't have.

so should i cap off my balance at $100? i have a job, i just wanna know whats the typical