Personal Finance

I want a student mastercard.

  • Last Updated:
  • Jun 25th, 2005 8:15 pm
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Deal Addict
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Apr 29, 2002
3813 posts
28 upvotes
Mississauga
PC MC is your best choice, hands down.
http://www.pcmastercard.pcfinancial.ca/ ... n_more.asp

It's a mastercard, you get MONEY BACK (1% off your purchases), open to students, and has a 4.97% rate on balances UNTIL PAID IN FULL.
http://www.pcmastercard.pcfinancial.ca/ ... 7promo.htm

Done and done.
And stop carrying a balance. Balances are for idiots who have no idea how to manage their money, or for that matter, money they don't have.
Deal Expert
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Jun 14, 2003
23140 posts
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Katana_kid wrote: Citibank (formerly Canada Trust)
Citibank, one of the big banks in US, formerly Canada Trust? I think I had a Citibank Master before Canada Trust merged with TD.
Member
Jan 24, 2004
400 posts
Ottawa, Ontario
gman wrote:Citibank, one of the big banks in US, formerly Canada Trust? I think I had a Citibank Master before Canada Trust merged with TD.
Ya.. what the heck is that? I don't htink I've ever heard of Citibank having any association with Canada Trust.
Deal Expert
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Jun 14, 2003
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Wait! He could be right. If I remember correctly, I used to have a Citibank Visa but they changed that to Master. Canada Trust had master but they had to give it up when they merged to TD. One bank cannot have both Master and Visa. Canada Trust might sell its Mastercard operation to Citibank Canada.
Deal Addict
Aug 24, 2002
3569 posts
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Sask
zeroace wrote:Ya.. what the heck is that? I don't htink I've ever heard of Citibank having any association with Canada Trust.
When CT merged with TD, they had to choose which credit card to offer, MC or Visa. They went with TD Visa, probably it had more customers. So CT sold their MC customers to Citibank. I think Citibank also bought Sears credit card customers too, or maybe it was the reverse.
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Jun 14, 2003
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Neil wrote:When CT merged with TD, they had to choose which credit card to offer, MC or Visa. They went with TD Visa, probably it had more customers. So CT sold their MC customers to Citibank. I think Citibank also bought Sears credit card customers too, or maybe it was the reverse.
I don't think CT sold their MC customer to Citibank. May be ex-CT Mastercard holder can confirm that. I think they just sold the Mastercard operation.

I used to have Citibank Visa. One day, they send me a Citibank Mastercard and said no more Visa. If Citibank could convert my Visa to Mastercard, so could CT/TD convert their Mastercard customer to Visa. It does not makes sense for them to give up customer.
Sr. Member
May 13, 2004
905 posts
4 upvotes
Vancouver
Carrying a balance on credit card is just plain wrong. I don't who's doing more wrong, user who cannot do simple math or the credit card company who is robbing you blind. Get a line of credit, or a secured line of credit if possible.
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Jun 4, 2005
69 posts
GTA
Asun wrote:Carrying a balance on credit card is just plain wrong. I don't who's doing more wrong, user who cannot do simple math or the credit card company who is robbing you blind. Get a line of credit, or a secured line of credit if possible.

Totally agree! I was once stupid that carried a few thousand dollars balance on my Visa card when I was student who only had a part-time job. Took me quite a while to pay off the balance. This was how I did that time. A CSR from the Visa (CIBC) company called me up and offered me to switch my Classic Visa to Select Visa which I needed to pay annual fee instead of free. However, it brought my interest rate down at least 10%. Then I applied for another credit card with no annual fee (you might think I'm crazy. Bear with me) I put away the Select Visa that had balance on it and forced myself to pay a fixed amount each time my pay-cheque came in. I used my 2nd credit card instead the Select Visa and made sure I paid the bill in FULL each time the statement came in. I paid off my balance in 18 months. It's kind of hard. You just need the discipline. As soon as I paid off my Visa, I kept withdrawing the same amount of money that I used to pay my Visa and transfer to my saving account. And it became my saving habbit. I'm pretty some of you would have better way to square out the financial problem. But, this is my 2 cents.
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Aug 24, 2002
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gman wrote:I don't think CT sold their MC customer to Citibank. [...] I think they just sold the Mastercard operation.
Well here's the facts of the matter:

http://www.lexpert.ca/deal.php?id=1872

"Citibank announced on June 7, 2000 that it had entered into an agreement with Canada Trust to acquire Canada Trust’s $1.8 billion MasterCard portfolio."

(portfolio means customers)
gman wrote:I used to have Citibank Visa. One day, they send me a Citibank Mastercard and said no more Visa. If Citibank could convert my Visa to Mastercard, so could CT/TD convert their Mastercard customer to Visa. It does not makes sense for them to give up customer.
Not the case. The news article explains:

"The portfolio was put up for sale to satisfy Competition Bureau concerns arising out of the Toronto-Dominion Bank acquisition of Canada Trust earlier this year. Credit card rules in Canada preclude a single financial institution from issuing both Visa and MasterCard products.

Citibank Canada has announced its intention to convert its existing Visa portfolio to MasterCard in the coming months."
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Aug 24, 2002
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quigon wrote:forced myself to pay a fixed amount each time my pay-cheque came in. I used my 2nd credit card instead the Select Visa and made sure I paid the bill in FULL each time the statement came in. I paid off my balance in 18 months. It's kind of hard. You just need the discipline. As soon as I paid off my Visa, I kept withdrawing the same amount of money that I used to pay my Visa and transfer to my saving account[. And it became my saving habbit. I'm pretty some of you would have better way to square out the financial problem. But, this is my 2 cents.
You hit the nail on the head. No matter what type of person or situation, no matter what they owe, or how much they make, there is one thing that typically almost always works.

And that is getting on a regular payment plan of some sort. People seem to find a way of adjusting to whatever disposable income they have. They get a big raise at work, and yet every time before payday they are down to no savings except for the toonie in their pocket. What happened to the big raise? Who knows?

Or if they have 6 loans and pay off the one that's $125 per month. Does it happen that at the end of the next month they have $125 and a toonie in their pocket? Never!

Now it's isn't exact to the penny this way, but close enough to illustrate.

People just have a way of moderating their discretionary spending and other expenditures to fit with what's available.

That's why one of the greatest techniques for financial health is to put yourself on an auto pilot with regular debits, either to debts or savings, or whatever. And from day one, tell yourself they are sacred and can't be cancelled for any reason. Time them to come out the day after your payday. That why you won't be tempted to dip in to them.

Never, I repeat, never decrease them. If an expense, debt, or payment goes away, immediately reallocate that amount to something else. If you don't the extra money will somehow evaporate. Strange when you think about it, but it just does.

So the person with 6 debts, who pays off the one that was $125 per month. She should immediately add that extra $125 to the next worst debt in her list. If she was paying $200/month for that debt, then paying $125+$200=$325 a month will get rid of that one way sooner.

And with that one gone, she'll have $325 a month to put against her next one. This strategy becomes like a snowball and gets more powerful as it goes along.

If you tally up your total debt type expenditures and they are say $1000 per month, you just pay $1000 per month consistently to whatever it may be. When debts are done, make the $1000/month payment into investment or savings then.

When you get a raise or some other regular expense drops, immediately re-evaluate some or all of the 'found' money to your plan. Get a $100 raise? Make your monthly repayments $1050 then.
Jr. Member
Apr 25, 2005
100 posts
Neil, you know your stuff.

GMAN.. google it if you don't believe me.

btw, Neil, do we work in the same line of business?

ahem (hint) ahem
me wrote:.... oh yeah, I forgot to mention that I work for a credit card company.... not BMO, and not RBC (both)

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