you can always convert your SC to mbna rewards later.
But I would start with mbna rewards personnaly
I feel the need... the need for speed.
Jul 26th, 2013 8:30 am
you can always convert your SC to mbna rewards later.
Jul 26th, 2013 9:58 am
Jul 26th, 2013 10:39 am
I would but since I'm not going to be spending anything close to that limit on the SC card, I'll stick with it.Bomberman07 wrote: ↑you can always convert your SC to mbna rewards later.
But I would start with mbna rewards personnaly
Jul 26th, 2013 11:23 am
Jul 26th, 2013 11:59 am
Jul 26th, 2013 12:14 pm
Welcome. The money in your bank are your assets not your income. Your annual income would be the money you earn every year, whether from a job, interest from savings and or dividend income.
Jul 26th, 2013 12:40 pm
Jul 26th, 2013 12:53 pm
Jul 26th, 2013 1:09 pm
The Smart Cash card gives 1% cash back on all purchases other than Gas & Groceries, but not beyond your earning cap. Yes there is a minimum amount to earn your cash back points, but the advantage over other programs, that some like, is that it is automatically sent to you when you reach your $50 and it is not applied against your balances. Some other programs do it once per year and then apply your cashback against your credit card outstandings...dankup wrote: ↑On this website atm http://www.mbna.ca/myschool.html#calcul ... 2/CashBack and it says cash back starts @ 5,000 points which equals $50. So there is a minimum amount I need to get cash back then it seems.
5,000 points = $5,000 spent = $50 cash back <-- Student Rewards MC
To get $50 cash back on the Smart Cash card, I'd need to spend $2,500 ($50/2%), assuming my spending is only gas/groceries and yes, I am aware it's $400 a month max but I won't go over that.
Don't see where it says 1% cash back.
Jul 26th, 2013 2:20 pm
Jul 26th, 2013 2:39 pm
Not sure what your assets are, but you would likely fail if you don't have an income. One of the reasons for the minimum income requirement (aside from Network Rules and the Voluntary Code of Conduct), is that it helps issuers predict your spend on the card and place you with the right card, from their perspective. What they don't want is to approve people for the Gold Rewards card, which waives the first year annual fee, and gives you a free flight, to get those benefits, but never spend enough on the card to give them a chance to earn their up-front investment in you back.dankup wrote: ↑Oh ok I see. Another question.. should I even bother applying for cards that have a minimum income level requirement? The AMEX Gold Rewards card is a great card but I won't meet the income requirement. Yet I have money in the bank and am willing to pay off the whole balance every month. Would it fail and I would be denied, thus hurting my credit score?
Jul 26th, 2013 4:33 pm
Yes, and that can be dumped directly onto your credit card account whenever you feel like it as opposed to having to wait for a cheque to be issued.dankup wrote: ↑On this website atm http://www.mbna.ca/myschool.html#calcul ... 2/CashBack and it says cash back starts @ 5,000 points which equals $50. So there is a minimum amount I need to get cash back then it seems.
5,000 points = $5,000 spent = $50 cash back <-- Student Rewards MC
Well, it's actually 5% on gas and groceries on up to $400/month spending for the first 6 months.To get $50 cash back on the Smart Cash card, I'd need to spend $2,500 ($50/2%), assuming my spending is only gas/groceries and yes, I am aware it's $400 a month max but I won't go over that.
On up to $1250/month spendingDon't see where it says 1% cash back.
Jul 26th, 2013 6:13 pm
Jul 26th, 2013 6:23 pm
Jul 26th, 2013 7:05 pm
Yeah that's what I'm saying. I like Webslinger's advice but who knows what type of promotions cards will come with in 5 years from now. So yes, I decided to work with what I need now. The SPC isn't that good compared to the Smart Cash card (which is what I'm most likely going to get). Extended warranty is a good perk but most of my spending will be gas and food. No electronics most likely, but it doesn't hurt.lhsonic wrote: ↑The only problem with Webslinger's advice is that it's too future-planned, which you can't always do for credit products because they (and their rules) change all the time. You should only get what's good at the time and hope that if it's free, it remains free and also doesn't get cut down later down the road.
I genuinely believe that with your current low spend and (probably) young age, your FIRST card should be BMO SPC MC or MBNA Smart Cash. Extended warranty is very beneficial and so is purchase protection, so get a card that includes that! The caps are not important unless you plan to spend over $10000 a year on a credit card with no income. Don't co-sign a credit card..if you're worried about income requirements, you can put in your parents' income under "household income." Put in your tax credits as well down as income, that will help a little bit. Rewards aren't that important for you right now, the difference of 0.5% over $3600 of spend in a year (for example) is a whopping $18! When your credit history improves over time and you're ready for your second card, you can start looking at whatever is best at that time, or just getting a credit limit increase. There's no harm to getting more credit if you're credit-wise, it can only help your credit in the immediate future by decreasing your utilization.
Jul 26th, 2013 8:20 pm
Yep, Smart Cash is not approved as often for students as some think, which is one reason I didn't bother listing it.
Jul 26th, 2013 8:26 pm
Yeah I've read some posts about that too. And then I read some where it was fine with no problems.. weird.Webslinger wrote: ↑Yep, Smart Cash is not approved as often for students as some think, which is one reason I didn't bother listing it.
Jul 26th, 2013 8:32 pm
Some students are approved for it, but, as I said, I know three who were declined. And they were, instead, approved for the MBNA Student Rewards MC.
Jul 26th, 2013 8:58 pm
Well then I'll apply for the Student Rewards and if not, then the simple guaranteed approved card from a local bank will do.Webslinger wrote: ↑Some students are approved for it, but, as I said, I know three who were declined. And they were, instead, approved for the MBNA Student Rewards MC.
If you are declined for the MBNA Student Rewards MC, then I think you're going to have a very tough time in general.
Jul 26th, 2013 9:00 pm
I don't want to dissuade you from applying to SC. I also did mention earlier you may be approved for it. There's nothing really stopping you from applying to SC and, if you're declined, MBNA Student Rewards MC. The other three students I mentioned did the exact same thing.
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