Personal Finance

If I applied for OSAP, does it mean I cannot make a regular credit card?

  • Last Updated:
  • Aug 23rd, 2016 9:16 pm
[OP]
Newbie
May 22, 2014
58 posts
2 upvotes
Etobicoke, ON

If I applied for OSAP, does it mean I cannot make a regular credit card?

Last year, I tried to make credit card and I got rejected for regular plan. I don't know the reason I got rejected. So the bank guy said to start off with secured credit card.. They said that I have to move $500 to savings account and I cannot use it. And a year later.. I really feel that I need to take secured option off from my credit card and possibly increase my balance.

So today I went to bank and get secured option off from my credit card.. However, the bank guy said that I cannot get out of the secured option unless I pay off my OSAP.
I'm entering into my 4th year of study, so I can only start paying off my OSAP about 6 month after the end of my study period.. (Which is going to be around October or November 2017)

However, my younger brother (who is about 2 years younger than me) was able to get his regular credit card, although he also applied for his OSAP funding as well.

Both of us work in the restaurant for part-time employment. (Different restaurant of course) and work similar amount of time (so we get paid similar amount)

I don't know why mine had to be secured although my brother doesn't.

Do you know if there's any way to get out of a secured option and make my credit card like a regular one?
7 replies
[OP]
Newbie
May 22, 2014
58 posts
2 upvotes
Etobicoke, ON
hvwozq wrote:
Aug 23rd, 2016 8:11 am
What bank is that? I have never heard such BS. Sounds like TD.
Now that you have some credit history, you should be able to get a student card from another bank.
I was going to suggest Capital One Vibe, but it doesn't seem to be available anymore.
Ya it is TD..
Deal Addict
Feb 10, 2013
4013 posts
636 upvotes
Richmond
Try the mbna rewards for students. Still by td but more flexibility.
Deal Expert
Mar 25, 2005
21270 posts
2095 upvotes
TD was pretty generous when I was a student, never heard of such. Are you applying for credit as a student? I found requirements drop when you do so as you're not expected to have much credit history, if any.
Deal Addict
Jan 21, 2014
3879 posts
1634 upvotes
apply for Tangerine MC. My daughter was a student and got $10K limit last year. She has OSAP and just finished her 4th year

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